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How adjustment journal entries are different from the closing journal entries?

01 / 10 / 2021 coursework 2

This paper circulates around the core theme of How adjustment journal entries are different from the closing journal entries? together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.

Step 1: Type your student number to get your allocated question (trial Balance)
Step 2: Journalise the adjustment transactions (adjustments sheet)
Step 3: post adjusting journal entries and complete the Worksheet
Step 4: Create the Income Statements from the completed Worksheet
Step 5: Journalise the closing entries
Step 6: Create the changes in Equity and Balance sheet from the completed Worksheet
Step 7: Answer the following questions considering proper referencing; 1) What is a trial balance, why do we create it?
2) What are adjustment journal entries? Why do we record the adjustment journal entries?
3) What is the purpose of writing an adjusted Trial balance?
4) How adjustment journal entries are different from the closing journal entries?
*** The report should be in just one word format file and total number of words including numbers should be 2000 words and proper referencing. *** Penalty will be applied to late submission or high similarity rate assignments
Paul services Trial Balance As At 30 June 2016
Account No Account Name Debit Credit
101 Cash at Bank 299000.00
105 Accounts Receivable 99670.00
115 Supplies 3990.00
120 Prepaid Insurance 7980.00 135 Office Furniture 99800.00
137 Acc. Depreciation. – Furniture 0.00 140 Office Equipment 199600.00
141 Acc. Depreciation – Equipment 0.00 145 Store Equipment 299400.00
146 Acc. Depreciation – Equipment 0.00 170 Automobile 399200.00
171 Acc. Depreciation – Automobile 0.00
201 Accounts Payable 199340.00
201 Interest Payable 299010.00 201 Unearned revenue 49900.00 201 Loan Payable 19960.00
201 Mortgage Payable 399200.00 201 Paul’s Capital 81559.00 201 Paul’s Drawings 399.00
201 Revenue 399000.00
201 Advertising Expense 6000.00 201 Automobile Expense 5775.00
201 Depreciation Expense – Furniture 0.00
201 Depreciation Expense – Equipment 0.00 201 Depreciation Expense – Store Equipment 0.00 201 Depreciation Expense – Automobile 0.00
201 Insurance Expense 5000.00 201 Maintenance Expense 21000.00 201 Miscellaneous Expense 1155.00
201 Rent Expense 0.00 201 Supplies Expense 0.00 201 Utilities Expense 0.00
201 Interest Expense 0.00
1447969.00 1447969.00



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