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Financial Reporting Class Activity A 1.docx

Jalam ltd account original trial balance adjustments

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Jalam Ltd
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Account Original Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Sales 286,500 Cost of Goods Sold 150,000 Discount Received 2,000 Rent Received 11,000 Vehicle Expenses 13,000 Wages 65,000 Salaries 18,000 Insurance 800 Super 6,200 Telephone 2,500 Interest Paid 1,500 Bank 10,000 Accounts Receivable 14,000 Inventory 30/6/05 24,000 Land 55,000 Buildings 105,000 Accumulated Depreciation Buildings 10,000 Vehicles 22,000 Vehicle 45,000 Accounts Payable 10,000 GST Collected 3,000 GST Paid 1,500 Mortgage 13,000 Capital 170,000 Drawings 16,000 Inventory 30/6/06 Accrued Expenses Depreciation Prepaid Expenses
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527,500 527,500 Answer: Journal Entries: (Page 31 & 32, Workbook) Unpaid Wages $800 Wages Expense (Dr) $800 Wages Payable (Cr) $800 Prepaid Insurance $500 Prepaid Insurance (Dr) $500 Insurance Expense (Cr) $500 (To reduce the insurance expense) Closing Inventory $30,000 Closing Inventory (Dr) $30,000 Cost of Goods Sold (Cr) $30,000 Opening Inventory $24,000 (Given in the Question) Cost of Goods Sold (Dr) $24,000 Opening Inventory (Cr) $24,000 Depreciation on Buildings $5,000 and on Vehicles $12,000 Depreciation Expense (Dr) $ 17,000 Accumulated Depreciation-Building (Cr) $5,000 Accumulated Depreciation-Vehicles (Cr) $12,000
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Jalam Ltd Account Original Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Sales 286,500 286,500 Cost of Goods Sold 150,000 24,000 30,000 144,000 (150000+24 000-30000) Discount Received 2,000 2,000 Rent Received 11,000 11,000 Vehicle Expenses 13,000 13,000 Wages (Expense) 65,000 800 65,800 (65000+800) Salaries 18,000 18,000 Insurance Expenses 800 500 300 Super 6,200 6,200 Telephone 2,500 2,500 Interest Paid 1,500 1,500 Bank 10,000 10,000 Accounts Receivable 14,000 14,000 Inventory 30/6/05 24,000 24,000 Land 55,000 55,000 Buildings 105,000 105,000 Accumulated Depreciation Buildings 10,000 5,000 15,000
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  • Fall '18
  • Zum
  • Balance Sheet, Generally Accepted Accounting Principles, Goods Sold, Depreciation Buildings, JAlam Ltd

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