Financial Accounting Assignment - Cimear's Hair Design

The following tasks need to be completed for Cimear's Hair Design at the end of July.    

July adjustments:           

1. The clerk, Batuk, counts the supplies at the end of July and finds AED 13,790 of supplies on hand.

2. Depreciation expense for the month of July is AED 2,500 .

3. The company insurance was purchased on April 1, 2012 and provides insurance coverage for one year. No adjustment has been made to date.

4. The utility bill for July has been received but not entered into the accounting records.  The amount is AED 6,764.

5. Employees are owed 34,500 at the end of July but will not be paid until August.

6. AED 8,250 of the unearned revenue balance has been earned by the end of July.

7. Make the required adjustment for the rent paid on 2 July. (Reminder: rent was paid for six months in advance.)

8. Make the required adjustment for the interest on the Notes Payable.  The loan was taken out on July 15.  (Round your answer to the nearest whole dirham.)

The financial statements must consist of an income statement, statement of retained earnings, and a statement of financial position. The balances in the adjusted trial balance must be automatically updated by changes in the general ledger. The balances in the financial statements should be automatically updated by changes in the adjusted trial balance, except for the Retained Earnings balance which is calculated on the Retained Earnings Statement.

A. Make the adjusting entries for July 31 2012 in the general journal. (Show all calculations immediately below your journal entry.)

B. Post the adjusting entries into the general ledger.

C. Prepare an adjusted trial balance for July.

D. Prepare the July financial statements for the year to date.

Attachment:- Financial Accounting Assignment.rar