Q3. Following is the year end un-adjusted trial balance for Yakima\'s Sporting G

Question

Q3. Following is the year end un-adjusted trial balance for Yakima's Sporting Goods for the current year, 2017(Amounts in Saudi Riyal) 3 marks Yakima's Sporting Goods Un adjusted Trial Balance December 31201 lx CY ,000 ,000 Dividends al 387,60 45 Tatals At the end of the year, 2017 you are given the following information regarding adjusting accounts Equipment of 100,000 is depreciated using straisht lin method, salvage value is 20,000 and useful life is 4 years The end of period counting revealed that supplies used in the current year are 500 There is unrecorded and unpaid rent expense of 5,000. There is unrecorded and uncollected earned revenue of 1,000 Required: journalize the adjusting accounts

Explanation / Answer

Adjusting entry :

Date accounts & explanation debit Credit Dec 31,2017 Depreciation expense (100000-20000)/4 20000 Accumlated depreciation 20000 (TO record depreciation) Dec 31,2017 Supplies expense 500 Supplies 500 (To record supplies used) Dec 31, 2017 Rent expense 5000 Rent payable 5000 (To record rent expense) Dec 31, 2017 Account receivable 1000 Service revenue 1000 (To record revenue)

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