Posted: September 5th, 2020

Determine the balances of the accounts affected by the adjustment entries and prepare and adjusted trial balance.

Jacksonville Financial Services Co, which specialised in appliance repair services, is owned and operated by Cindy Latty. Jacksonville Financial Services Co’s accounting clerk prepared the unadjusted trial balance at December 31, 2010, shown below: (please see attachment for full question)

1. Journalise the adjustment entries. Add additional accounts as needed.

2. Determine the balances of the accounts affected by the adjustment entries and prepare and adjusted trial balance.

3. Prepare Balance Sheet and Income and Expenditure Statement as at December 31, 2010.

Exercise 2:

Frizell Company has the following comparative Balance sheet data. December 31, 2017 (please see attachment for full question)

Compute and explain the following ratios computed at December 31,2017.

(a) Curent ratio

(b) Acid- test ratio

(c) Accounts receivable turnover

(d) Inventory turnover