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Exercise 5-5

The document provides an unadjusted trial balance for Walton Anvils as of December 31, 2024 along with additional information about adjustments. It asks to prepare adjusting entries, an adjusted trial balance, income statement, statement of owner's equity, balance sheet, closing entries, and post-closing trial balance.

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Ammar Tuah
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106 views2 pages

Exercise 5-5

The document provides an unadjusted trial balance for Walton Anvils as of December 31, 2024 along with additional information about adjustments. It asks to prepare adjusting entries, an adjusted trial balance, income statement, statement of owner's equity, balance sheet, closing entries, and post-closing trial balance.

Uploaded by

Ammar Tuah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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EXERCISE 5-5

The unadjusted trial balance of Walton Anvils at December 31, 2024, and the data for the adjustments
follow:
WALTON ANVILS
Unadjusted Trial Balance
December 31, 2024
Account Title Debit Credit
Cash RM 13,480
Accounts Receivable 14,500
Prepaid Rent 2,320
Office Supplies 1,700
Equipment 23,000
Accumulated Depreciation—Equipment RM 1,000
Accounts Payable 7,100
Unearned Revenue 6,000
Walton, Capital 28,500
Walton, Withdrawals 4,600
Service Revenue 19,500
Salaries Expense 2,500
Total RM 62,100 RM 62,100

Additional information:
a. Unearned Revenue still unearned at December 31, RM1,800.
b. Prepaid Rent still in force at December 31, RM2,100.
c. Office Supplies used, RM1,500.
d. Depreciation, RM390.
e. Accrued Salaries Expense at December 31, RM200.

REQUIRED:
(a) Prepare the relevant adjusting entries for the year ended 31 December 2024.
(b) Prepare an adjusted trial balance as at 31 December 2024.
(c) Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31
December 2024.
(d) Prepare the Statement of Changes in Owner’s Equity for the year ended 31 December 2024.
(e) Prepare the Statement of Financial Position as at 31 December 2024.
(f) Prepare the closing entries.
(g) Prepare a post-closing trial balance.
EXERCISE 5-5

The unadjusted trial balance of Walton Anvils at December 31, 2024, and the data for the adjustments
follow:
WALTON ANVILS
Unadjusted Trial Balance
December 31, 2024
Account Title Debit Credit
Cash RM 13,560
Accounts Receivable 17,000
Prepaid Rent 2,140
Office Supplies 2,800
Equipment 30,000
Accumulated Depreciation—Equipment RM 11,000
Accounts Payable 7,200
Unearned Revenue 5,600
Walton, Capital 29,600
Walton, Withdrawals 4,600
Service Revenue 19,000
Salaries Expense 2,300
Total RM 72,400 RM 72,400

Additional information:
a. Unearned Revenue still unearned at December 31, RM3,600.
b. Prepaid Rent still in force at December 31, RM2,000.
c. Office Supplies used, RM600.
d. Depreciation, RM400.
e. Accrued Salaries Expense at December 31, RM180.

REQUIRED:
(a) Prepare the relevant adjusting entries for the year ended 31 December 2024.
(b) Prepare an adjusted trial balance as at 31 December 2024.
(c) Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31
December 2024.
(d) Prepare the Statement of Changes in Owner’s Equity for the year ended 31 December 2024.
(e) Prepare the Statement of Financial Position as at 31 December 2024.
(f) Prepare the closing entries.
(g) Prepare a post-closing trial balance.

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