Based on the Unadjusted Trial Balance for Glow Styling and the Adjusting

question 192

Essay

Based on the unadjusted trial balance for Glow Styling and the adjusting information given below,prepare the adjusting journal entries for Glow Styling.After completing the adjusting entries,prepare the trial balance for Glow Styling.
Glow Styling unadjusted trial balance for the current year follows:
Additional information:
a.An insurance policy examination showed $1,240 of expired insurance.
b.An inventory count showed $210 of unused shop supplies still available.
c.Depreciation expense on shop equipment,$350.
d.Depreciation expense on the building,$2,220.
e.A beautician is behind on space rental payments,and this $200 of accrued revenues was unrecorded at the time the trial balance was prepared.
f.$800 of the Unearned Rent account balance was earned by year-end.
g.The one employee,a receptionist,works a five-day workweek at $50 per day.The employee was paid last week but has worked four days this week for which she has not been paid.
h.Three months' property taxes,totaling $450,have accrued.This additional amount of property taxes expense has not been recorded.
i.One month's interest on the note payable,$600,has accrued but is unrecorded.
Use the above information to prepare the adjusted trial balance for Glow Styling.

Comprehend the impact of a voucher system on a company’s balance sheet and general ledger.

Grasp the significance of separation of duties in internal control and voucher systems.

Understand how to apply discounts and manage cash payments in the voucher system.

Recognize the sequence of events in a voucher system and its implications for accounting records.

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