Accounting Assignment Sample 2020
Accounting is an important subject to record the transactions and manages the accounts to draw the meaningful information for decision making.
This report provides journal entries and adjustment entries for the transactions given in the trial balance of Paul Services. In this report, the income statement and closing entries are also made to make adjustments.
Based on all these entries, a balance sheet is also prepared after adjustments in all the entries in accounting books of Paul Services.
In addition, this report also highlights the theoretical aspects of trial balance by focusing on is meaning, significance, adjustment entries and its requirements in the business.
It also explains the purpose of adjusted trial balance and differences between adjustment journal entries and closing journal entries.
The below table shows the journal entries for the adjusting transactions:
|Note No.||S. No.||Particular||Amount ($)||Amount ($)|
|Interest Payable A/C||23,000|
|(Interest on a Mortgage loan accrued)|
|2||Supplies Expenses A/c||1,725|
|3||Insurance Expenses A/C||3,680|
|Prepaid Insurance A/C||3,680|
|(Insurance expresses paid)|
|Note 1||4||Depreciation Expenses on office furniture A/C||10,000|
|Accumulated Depreciation on office furniture/C||10,000|
|(Depreciation on office furniture)|
|Note 2||5||Depreciation Expenses on office equipment A/C||22,000|
|Accumulated Depreciation on furniture equipment/C||22,000|
|(Depreciation on office equipment)|
|Note 3||6||Depreciation Expenses store equipment A/C||34,000|
|Accumulated Depreciation on store equipment/C||34,000|
|(Depreciation on store equipment)|
|Note 4||7||Depreciation expenses on Automobile A/C||46,000|
|Accumulated Depreciation on Automobile A/C||46,000|
|(Depreciation on Automobile)|
|Unearned Revenue A/C||14,375|
|(Unearned revenue received)|
The below tables show the adjustment notes for each adjusting entries: