Accounting Assignment Sample

Accounting Assignment Sample 2020

Introduction

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.

Accounting Assignment Sample

Step 1.

180125

Step 2.  Journal Entries of Adjustment Transaction

The below table shows the journal entries for the adjusting transactions:

Note No. S. No. Particular Amount ($)Amount ($)
1Interest Expenses23,000
 Interest Payable A/C23,000
(Interest on a Mortgage loan accrued)
2Supplies Expenses  A/c1,725
 Supplies  A/C1,725
(Supplies used)
3Insurance Expenses A/C3,680
Prepaid Insurance A/C3,680
(Insurance expresses paid)
Note 14Depreciation Expenses on office furniture A/C10,000
 Accumulated Depreciation on office furniture/C10,000
 (Depreciation on office furniture)
Note 25Depreciation Expenses on office equipment A/C22,000
 Accumulated Depreciation on furniture equipment/C22,000
 (Depreciation on office equipment)
Note 36Depreciation Expenses store equipment A/C34,000
 Accumulated Depreciation on store equipment/C34,000
 (Depreciation on store equipment)
Note 47Depreciation expenses on Automobile  A/C46,000
Accumulated Depreciation on Automobile A/C46,000
(Depreciation on Automobile)
8Cash A/C14,375
Unearned Revenue A/C14,375
(Unearned revenue received)

Accounting Assignment Sample

Adjustment Note:

The below tables show the adjustment notes for each adjusting entries:

Note 1:

ParticularAmount ($)
Office Furniture57,500

 

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