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A. Copy Table 1 to the Trial Balance excel sheet and complete the worksheet.
B. Prepare the adjusting entries of AAA Services, below relevant information for the preparation of adjusting entries of AAA at 30 of June 2018.


Office supplies having original cost $8640were unused till the end of the period. Office supplies having original cost of $45,600 are shown on unadjusted trial balance.
Prepaid rent of $72,000 was paid for the months June, July and August.
The equipment costing $160,000 has useful life of 10 years and its estimated salvage value is $28,000. Depreciation is provided using the straight line depreciation method assume that this equipment acquired on 1 st of July 2017.
The interest rate on $40,000 note payable is 9%. Accrue the interest for one month.
$3,000 worth of service has been provided to the customer who paid advance amount of $4,000.


C. Prepare an income statement on the Income statement excel sheet.
D. Prepare a statement of changes in equity on the Changes in equity excel sheet
E. Prepare a balance sheet on the Balance sheet excel sheet.
F. What are the advantages and disadvantages using Excel spreadsheets for preparing financial reports? Give academic references to justify your answers Type your answers on excel sheet Part F in NOT more than 500 words.

AAA Services
Worksheet
for the year end 30 Jun 2018
  Trial Balance Adjusting Entries Adjusted Trial Balance Income Statement Balance Sheet
Accounts Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 40860       40860       40860  
Accounts Receivable 11800       11800       11800  
Office Supplies 45600     36960 8640       8640  
Prepaid Rent 72000     24000 48000       48000  
Equipment 160000       160000       160000  
Accum. Depreciation - Equipment       13200   13200       13200
Accounts Payable   10400       10400       10400
Notes Payable   40000       40000       40000
Utilities Payable   7928       7928       7928
Interest Payable       300   300       300
Unearned Revenue   8000 3000     5000       5000
Common Stock   200000       200000       200000
Service Revenue   165200   3000   168200   168200    
Wages Expense 76400       76400   76400      
Miscellaneous Expense 6940       6940   6940      
Electricity Expense 4940       4940   4940      
Telephone Expense 2988       2988   2988      
Supplies Expense     36960   36960   36960      
Rent Expense     24000   24000   24000      
Depreciation Expense     13200   13200   13200      
Interest Expense     300   300   300      
Dividend 10000       10000       10000  
                     
Total 431528 431528 77460 77460 445028 445028 165728 168200 279300 276828
                     
Profit for the month             2472     2472
      77460 77460 445028 445028 168200 168200 279300 279300
                     
                     
AAA Services              
Journal Entries              
                     
Date Particulars Debit  Credit              
                     
30-06-2018 Supplies Expense 36960                
  Office Supplies   36960              
                     
30-06-2018 Rent Expense 24000                
  Prepaid Rent   24000              
                     
30-06-2018 Depreciation Expense 13200                
  Accumulated Depreciation - Equipment   13200              
                     
30-06-2018 Interest Expense 300                
  Interest Payable   300              
                     
30-06-2018 Unearned Revenue  3000                
  Service Revenue   3000              
                     
                     
AAA Services                  
Income Statement                  
for the year ended June 30,2018                  
Particulars Amount                  
                     
Service Revenue 1,68,200                  
                     
TOTAL REVENUE 1,68,200                  
                     
Wages Expense -76,400                  
Miscellaneous Expense -6,940                  
Electricity Expense -4,940                  
Telephone Expense -2,988                  
Supplies Expense -36,960                  
Rent Expense -24,000                  
Depreciation Expense -13,200                  
TOTAL OPERATING EXPENSES -1,65,428                  
                     
NET OPERATING PROFIT 2,772                  
Interest Expense -300                  
                     
NET PROFIT FOR THE PERIOD 2,472                  
                     
AAA Service              
Statement of Change in Equity              
for the period ended June 30,2018              
Particulars Common Stock Retained Earnings TOTAL              
                     
Balance as on 1 July 2017 2,00,000 0 2,00,000              
Add: Net Profit for the period   2,472 2,472              
Less: Dividends   -10,000 -10,000              
                     
Balance as on 30 June 2018 2,00,000 -7,528 1,92,472              
                     
AAA Services                  
Balance Sheet                  
as on June 30,2018                  
Particulars Amount                  
                     
Current Assets:                    
Cash 40,860                  
Accounts Receivable 11,800                  
Office Supplies 8,640                  
Prepaid Rent 48,000                  
TOTAL CURRENT ASSETS 1,09,300                  
                     
Non-Current Assets:                    
Equipment 1,60,000                  
Accum. Depreciation - Equipment -13,200                  
TOTAL NON-CURRENT ASSETS 1,46,800                  
                     
TOTAL ASSETS 2,56,100                  
                     
Current Liabilities:                    
Accounts Payable 10,400                  
Utilities Payable 7,928                  
Unearned Revenue 5,000                  
Interest Payable 300                  
TOTAL CURRENT LIABILITIES 23,628                  
                     
Non-Current Liabilities:                    
Notes Payable 40,000                  
TOTAL NON-CURRENT LIABILITIES 40,000                  
                     
TOTAL LIABILITIES 63,628                  
                     
Equity:                    
Capital 2,00,000                  
Retained Earnings -7,528                  
TOTAL EQUITY 1,92,472                  
                     
TOTAL LIABILITIES & EQUITY 2,56,100                  
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My Assignment Help. Essay: Trial Balance Excel Sheet And Adjusting Entries For AAA Services Guide. [Internet]. My Assignment Help. 2021 [cited 12 June 2024]. Available from: https://myassignmenthelp.com/free-samples/acct305-accounting-information-systems/relevant-information.html.

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