solve both questions Class Activity Question 1Sakib Al-Hossain started his own consultation firm, Al-Hossain Consultation, on January 1, 2020. The trial balance at March 31 is as follows.Al-Hossain ConsultationAccount TitlesTrial Balance4,500Accounting Period 3 months or quarter.1. $900 of supplies have been used during the quarter.2. Utilities expense incurred but not paid on March 31, 2020, $1,500.3. The insurance policy is for 2 years. (The Insurance premium was paid on January 1,2020)4. $ 800 of the balance in the unearned service revenue account remains unearned at the end of the quarter.5. Equipment is being depreciated at $ 475 per month for 24 months. (The equipment was purchased on January 1,2020)31-Mar-20Debit (5) Credit (S) Other DataCashAccounts Receivable9,5006,000Supplies1,900Prepaid Insurance4,800Equipment11,400Accounts PayableUnearned Service RevenueOwner's CapitalService RevenueSalaries and Wages Expense6,400Rent Expense900LoanTotal40,9006. Invoices representing $ 2,200 of services performed during the month have not been recorded as of March 31.3,200 7. Salaries of $ 850 are accrued and unpaid at March 31.18,700 8. The loan Interest rate is 12%. (The loan was taken on March 1.)9,500Required:Prepare the adjusting entries for the period ended Jan 1 to Mar 31, 20205,000 Prepare worksheet for the period ended Jan 1 to Mar 31, 202040,900

The accounting equation states that assets are equal to the sum of the liabilities and equity. The…

Class Activity Question 1 Sakib Al-Hossain started his own consultation firm, Al-Hossain Consultation, on January 1, 2020. The trial balance at March 31 is as follows. Al-Hossain Consultation Account Titles Trial Balance 31-Mar-20 Debit (S) Credit (S) Other Data 9,500 6,000 Cash Accounts Receivable Supplies 1,900 Prepaid Insurance 4,800 Equipment 11,400 Accounts Payable Unearned Service Revenue Owner's Capital Service Revenue Salaries and Wages Expense 6,400 Rent Expense 900 Loan Total 40,900 4,500 Accounting Period 3 months or quarter. 1. $ 900 of supplies have been used during the quarter. 2. Utilities expense incurred but not paid on March 31, 2020, $ 1,500. 3. The insurance policy is for 2 years. (The Insurance premium was pald on January 1,2020) 4. $ 800 of the balance in the unearned service revenue account remains unearned at the end of the quarter. 5. Equipment is being depreciated at $ 475 per month for 24 months. (The equipment was purchased on January 1,2020) 6. Invoices representing $2,200 of services performed during the month have not been recorded as of March 31. 3,200 7. Salaries of $ 850 are accrued and unpaid at March 31. 18,700 8. The loan Interest rate is 12%. (The loan was taken on March 1.) 9,500 Required: Prepare the adjusting entries for the period ended Jan 1 to Mar 31, 2020 5,000 Prepare worksheet for the period ended Jan 1 to Mar 31, 2020 40,900

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 54BE