Question

Required information Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO P1, P2, P3 (The following information applies to the questions displayed below) A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2017. The last two columns contain the adjusted trial balance as of the same date Chaded Trial Balance Acants receivable 12.00 90.000 Meeu. Depreesation office equip 24.000 10.100 20,000 50.000 30.000 160.000 preciatiosxpense Off 6. Advertising expense 12.450 $ 322.100 322,100 2 Uradjusted Trial Balance Sales payable Uneamed cong fees Long termes payable Commons Dividends Consulting fees samed Consulting becamed named Depreciation expens e que Series Advertising expense 83 Problem 3-4A Part 1 Required: L Analyze the differences between the unadjusted and adjusted trial balances to determine the d Show the results of your analysis by entering these adjustment amounts in the ces provided a y we

Answer 1

				JKL Company
				Worksheet
				For the month ended July 31,2017
		Trial Balance		Adjustments		Adjusted Trial Balance
	Account Name	Debit	Credit	Debit	Credit	Debit	Credit
	Cash	$     90,400.00				$     90,400.00
	Accounts Receivable	$     12,000.00		$          7,000.00		$     19,000.00
	Office Supplies	$     17,800.00			$       7,800.00	$     10,000.00
	Prepaid Insurance	$       6,640.00			$       2,880.00	$       3,760.00
	Office Equipment	$     90,000.00				$     90,000.00
	Accumulated Depreciation-Office Equipment		$     24,000.00		$       4,000.00		$                             28,000.00
	Accounts Payable		$     10,100.00		$     11,900.00		$                             22,000.00
	Interest Payable		$                    -		$       2,000.00		$                                2,000.00
	Salaries Payable		$                    -		$     13,000.00		$                             13,000.00
	Unearned Consultancy fees		$     20,000.00	$          1,000.00			$                             19,000.00
	Long Term Notes Payable		$     58,000.00				$                             58,000.00
	Common Stock		$     30,000.00				$                             30,000.00
	Retained Earnings		$     20,000.00				$                             20,000.00
	Dividends	$       9,500.00				$       9,500.00
	Consultancy fees earned		$ 1,60,000.00		$       8,000.00		$                          1,68,000.00
	Depreciation Expense-Office Equipment	$                    -		$          4,000.00		$       4,000.00
	Salaries Expense	$     67,340.00		$       13,000.00		$     80,340.00
	Interest Expense	$       1,290.00		$          2,000.00		$       3,290.00
	Insurance Expense	$                    -		$          2,880.00		$       2,880.00
	Rent Expense	$     14,680.00				$     14,680.00
	Office Supplies Expense	$                    -		$          7,800.00		$       7,800.00
	Advertising Expense	$     12,450.00		$       11,900.00		$     24,350.00
	Total	$ 3,22,100.00	$ 3,22,100.00	$       49,580.00	$     49,580.00	$ 3,60,000.00	$                          3,60,000.00
Adjusted Entries (For Worksheet)
S.No.	General,Journal	Debit	Credit
1)	Accounts Receivable	$       7,000.00
	To Consultancy fees earned		$       7,000.00
2)	Office Supplies Expense	$       7,800.00
	To Office Supplies		$       7,800.00
3)	Insurance Expense	$       2,880.00
	To Prepaid Insurance		$       2,880.00
4)	Depreciation Expense	$       4,000.00	$       4,000.00
	To Accumulated Depreciation
5)	Advertisement Expense	$     11,900.00
	To Accounts Payable		$     11,900.00
6)	Interest Expense	$       2,000.00
	To Interest Payable		$       2,000.00
7)	Salaries Expense	$     13,000.00
	To Salaries Expenses payable		$     13,000.00
8)	Unearned Consultancy Fees	$       1,000.00
	To Unearned Consultancy fees earned		$       1,000.00