Concept explainers
(a)
Accounting rules for journal entries:
- a) To Increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.
- b) To Decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.
Adjusted
Income Statement: The income statement is that financial statement which shows the net income (or loss) of the Company. In the income statement, to calculate the net income, all expenses incurred by the Company are deducted from the total revenue of the Company.
Balance sheet: The balance sheet of a Company is the one of the most important financial statements because it shows the financial position of the Company.
Main components of balance sheet are assets, liabilities and
To indicate: Adjusting entries of the SG Company on June. 30, 2019.
(b)
To prepare: adjusted trial balance of the SG Company on June. 30, 2019.
To prepare: Income statement, Retained earnings statements and Balance sheet of the SG Company on June. 30, 2019.
Want to see the full answer?
Check out a sample textbook solutionChapter 3 Solutions
Financial Accounting
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education