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Q1. Differentiate between fundamental qualities and enhancing qualities for qualitative characteristics of financial information, give examples. Q2. Both...

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Accounting

Q1. Differentiate between fundamental qualitiesand enhancing qualities for qualitative characteristics offinancial information, give examples.

Q2. Both the unadjusted trial balance andadjusted trial balance for Smith Corporation on December 31, 2013,are listed below:

Smith Corporation

Trial Balance

December 31, 2013

Unadjusted

Adjusted

Debit

Credit

Debit

Credit

Cash

Accounts Receivables

Supplies

Prepaid Insurance

Land

Vehicles

Accumulated Depreciation-Vehicles

Notes Payable

Wages Payable

Common Stock

Dividends

Revenue

Wages Expense

Utilities Expense

Insurance Expense

Rent Expense

Depreciation Expense

Supplies Expense

8,000

19,000

6,000

10,000

13,000

20,000

4,000

12,000

4,000

0

4,000

0

0

4,000

13,000

0

46,000

37,000

8,000

21,000

5,000

6,000

13,000

20,000

4,000

13,000

4,000

4,000

4,000

1,000

1,000

5,000

13,000

1,000

46,000

39,000

100,000

100,000

104,000

104,000

Required: Prepare the five adjusting entries required atDecember 31, 2013.

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