Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. problem 2 manar company has the following unadjust

Problem 2 Manar Company has the following unadjusted trial balance at 31 December 2020. ...

60.1K

Verified Solution

Question

Accounting

Problem 2

Manar Company has the following unadjusted trial balance at 31 December 2020.

Manar Company

Unadjusted Trial Balance

December 31, 2020

Accounts

Debit

Credit

Cash

25,000

Accounts Receivable

12,000

Supplies

3,500

Prepaid Rent

6,000

Prepaid Insurance

1,200

Accounts Payable

5,700

Unearned Revenue

13,000

Manar, Capital

30,000

Manar, Drawings

5,000

Service Revenue

25,000

Salaries Expense

9,000

Advertising Expense

1,500

Utilities Expense

4,000

Miscellaneous Expense

6,500

Total

73,700

73,700

Additional information:

1. Insurance expense for the year, OMR400

2. Supplies on hand at 31 December, OMR 1,200

3. Rent expense for the year, OMR 4,000

4. Salaries accrued but not yet paid on December 31, OMR 600

5. Service revenues earned but not yet recorded at 31 December 2017, OMR 5,000

6. Unearned revenues at December 31, is OMR 5,000.

Required:

A. Prepare the necessary adjusting entries on 31 December 2020.

B. Determine the balance of the accounts affected by the adjusting entries and prepare the adjusted trial balance.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Psychology
1.2K views

What is the problem of many hands, or the problem of fractured responsibility? Explain and discuss...

Basic Math
1.2K views

The following table shows the Myers-Briggs personality preferences for a random sample of 400 people in the...

Basic Math
1.2K views

If 1 yard = 3 feet and 1 mile 5,280 feet, how many yards are...

Statistics
1.2K views

Create a scatterplot Carefully label and scale the axes 65 68 55 50 45 40...

Calculus
1.2K views

The function f(x) = 6x +9- has one local minimum and one local maximum.This function...

Calculus
1.2K views

3 5 ne missing coordinates of the points that lie on the of y x...

Algebra
1.2K views

Consider the following function 3 2x 7 Step 1 of 2 Find the slope and...

Algebra
1.2K views

Using the expansion for the binomial x We wish to find the coefficient for the...

Algebra
1.2K views

75 7 cm 27 57 m Type an integer or a decimal

Accounting
1.2K views

Allied Paper Products, Inc., offers a restricted stock award plan to its vice presidents. On...

Accounting
1.2K views

PROBLEM 4 The following is the monthly payroll for the last 3 months of the...

Accounting
1.2K views

i need the answer quickly 5 If net present value is-2 negative, then...