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  • Random Exercise No. 1

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    JING NIE
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    Matrix Ltd began operations on July 1, 2019 and prepares quarterly financial statements. The trial balance and adjusted trial balance as of September 30, 2019 are provided, showing the accounts and balances before and after adjusting entries. The questions ask to journalize the adjusting entries, prepare the income statement, retained earnings statement, and balance sheet as of September 30, and identify which accounts should be closed at the end of the quarter. It also asks when the company took out a loan with a 12% interest rate based on the information provided.

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    Matrix Ltd began operations on July 1, 2019 and prepares quarterly financial statements. The trial balance and adjusted trial balance as of September 30, 2019 are provided, showing the accounts and balances before and after adjusting entries. The questions ask to journalize the adjusting entries, prepare the income statement, retained earnings statement, and balance sheet as of September 30, and identify which accounts should be closed at the end of the quarter. It also asks when the company took out a loan with a 12% interest rate based on the information provided.

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    © All Rights Reserved
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    11 views1 page

    Random Exercise No. 1

    Uploaded by

    JING NIE
    Matrix Ltd began operations on July 1, 2019 and prepares quarterly financial statements. The trial balance and adjusted trial balance as of September 30, 2019 are provided, showing the accounts and balances before and after adjusting entries. The questions ask to journalize the adjusting entries, prepare the income statement, retained earnings statement, and balance sheet as of September 30, and identify which accounts should be closed at the end of the quarter. It also asks when the company took out a loan with a 12% interest rate based on the information provided.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    PSB3.

    3
    Matrix Ltd began operations on 1 July 2019. Quarterly financial statements are prepared. The trial
    balance and adjusted trial balance on 30 September are shown below.

    Required
    a. Journalise the adjusting entries that were made (narrations not required).
    b. Prepare a statement of profit or loss and a calculation of retained earnings for the 3 months
    ending 30 September and prepare a statement of financial position as at 30 September.
    c. Identify which accounts should be closed on 30 September.
    d. If the interest rate on the loan is 12%, when did Matrix Ltd take out the loan?

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