Prepare the adjusting entries needed on august

Reference no: EM132727039

1. depreciation of $100 per month will be taken on the furniture

2. It is estimated that the store equipment will have a $1000 value at the end of its estimated five-year useful life. Joanne Cardinal will record a full month of depreciation for august.

It was determined that the balance in unearned haircutting services revenue at august 31 should be $ 420.
The prepaid insurance represents six months of insurance beginning august 1.
on 5 th august 31, the cutlery provided $130 of services to a client who will pay in September.
On August 31, Joanne cardinal received the business august cell phone bill totalling $ 50 will be paid in September.

Problem 1: Prepare the adjusting entries needed on august 31,2017 to record the previously unrecorded items.

Problem 2: prepare T accounts for accounts affected by the adjusting entries. Post the adjusting entries to the t-accounts.

Problem 3: Prepare an adjusted trial balance

Problem 4: Prepare an income statement a statement of changes in equity and a balance sheet

Reference no: EM132727039

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