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KARDAN INSTITUTE OF HIGHER EDUCATION

Adjustments are prepared at the end of year. Revenue earned but not received 36,000 Accrued Rent Expenses 18000 Prepaid rent is for 15 months . Paid on jan1,2010. 10,000 revenue is earned out of un-earned salaries revenue..

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KARDAN INSTITUTE OF HIGHER EDUCATION

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  1. Adjustments are prepared at the end of year. Revenue earned but not received 36,000 Accrued Rent Expenses 18000 Prepaid rent is for 15 months . Paid on jan1,2010. 10,000 revenue is earned out of un-earned salaries revenue.. Machinery useful life is 24 years and its residual vale is 2000. KARDAN INSTITUTE OF HIGHER EDUCATION

  2. Trial Balance of ABC & Co For The Period Ended Dec,2010 KARDAN INSTITUTE OF HIGHER EDUCATION

  3. Prepaid rent is for 2-years and made on january1,2010. Prepaid salaries is for one year, paid on 1st July 2010. Machinery useful life is 15-years. Advertisement revenue is earned 15,000 for current year. other relevant information KARDAN INSTITUTE OF HIGHER EDUCATION

  4. Trial Balance For The Period…………… KARDAN INSTITUTE OF HIGHER EDUCATION

  5. Information For Adjustments (a) Prepaid rent expired, $1000. (b) Supplies on hand, $400 (balance before adjustment equals $700). (c) Depreciation on furniture, $275. (d) Accrued salary expense, $950. (e) Accrued service revenue, $250. (f) Amount of unearned service revenue that has been earned, $150. (g) Accrued income tax expense, $540. Accrual Accounting and the Financial Statements 5

  6. Trial Balance For the Period Ended 31ST Dec.2010 1- Accrued Rent Expenses 12,000. 2- Accrued Salaries Revenues 50,000. KARDAN INSTITUTE OF HIGHER EDUCATION

  7. Trial Balance Of ABC & Co For the Period Ended 31.Dec 2010

  8. Prepaid insurance is for one year paid on 1st April 2010. Prepaid salaries is for one year paid on 1st January 2010. Building useful life is 35 years and its residual value is $ 4000.Building is acquired in January 2010. Car useful life is 10 years and is purchased in January 2010. Unearned Advertisement revenue is received on 31st March 2010 for 2 years. Rent revenue of $30,000 is earned out of total unearned rent revenue. Accrued rent Revenue was $15,000 & Accrued Salaries expenses $ 10,000 for the period . Adjustment Required at year end 31,Dec.2010 KARDAN INSTITUTE OF HIGHER EDUCATION

  9. TRIAL BALANCE FOR YEAR ENDED DEC 31,2010

  10. Prepared adjusted Trial Balance at year ended 31st Dec.2010. • Closing balance of Office supplies is $ 7000. • Useful life of furniture is 24 years and its residual value is $ 2000. • Prepaid rent is for one year paid on 1st July 2010. • Earned $ 10,000 Salaries Revenue out of Un-earned revenue. • Accrued Advertising Expenses are $ 5000. • Accrued salaries revenue is $ 7000.

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