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B124 Fundamentals of Accounting
Question:
A. The following working paper shows the unadjusted and the adjusted trial balance for Farah Company as
Required:
1- Prepare the adjusting entries that have been made in Farah Company.
2- Explain the differences between the adjusting entries and other journal entries. Also, explain why adjusting entries are needed.
3- Prepare Farah’s income statement for the year ended December.
4- Prepare Farah’s balance sheet as at December
B. The following information pertains to Nour Company:
1- Equipment was purchased on July for. It is useful life is years and it can be sold after the years for.
2- Building was purchased on January. It is useful life is years and depreciated on a reducing balance rate of 10%.
3- Furniture was purchased on April for. Its salvage value is and depreciated on a straight-line balance rate of 20%.
4- On December the balance of Receivables was and the balance of Allowance of irrecoverable receivables was. Before adjusting the accounts, Nour finds that receivables of need to be written off as irrecoverable, and the allowance for receivables is to be set at ten percent of the remaining outstanding receivables as.
Required:
1 Prepare the necessary adjusting entries in Nour Company at the end of its fiscal year, Show your calculations
2 Prepare a partial income statement and a partial balance sheet for the year ended December to show the effect of the adjusting entries on these statements (Show you computations)
B124 Fundamentals of Accounting
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