[ad_1]
[ad_2]
Source link
Below is an unadjusted Trial Balance prepared by Wendy Donald for her business. Wendy is a Financial Consultant.
Trial Balance of Wendy Donald
for the year ended 30 June, 2018
| Account | A/c No | Debit | Credit |
| Cash at Bank | 5 200 | ||
| Accounts Receivable | 9 260 | ||
| Office Supplies | 1 140 | ||
| Land | 60 000 | ||
| Building | 152 000 | ||
| Accumulated Depreciation – Building | 64 000 | ||
| Office Equipment | 23 400 | ||
| Accumulated Depreciation – Office Equipment | 6 420 | ||
| Accounts Payable | 7 960 | ||
| Unearned Consulting Fees | 1 560 | ||
| GST Collected | 2 000 | ||
| GST Paid | 920 | ||
| Mortgage Payable | 88 600 | ||
| W Donald, Capital | 71 490 | ||
| W Donald, Drawings | 52 780 | ||
| Consulting Fees Revenue | 156 860 | ||
| Salaries and Wages Expense | 87 940 | ||
| Telecommunications Expense | 1 740 | ||
| Electricity Expense | 760 | ||
| Insurance Expense | 1 660 | ||
| Interest Expense | 2 090 | ||
| $398 890 | $398 890 |
Catherine’s Chart of Accounts also includes the following additional account titles:
- Prepaid Insurance
- Accrued Expense Payable
- Office Supplies Expense
- Depreciation Expense – Buildings
- Depreciation Expense – Office Equipment
The following information is also available:
- A physical count of office supplies reveals that supplies totalling $420 are on hand at 30 June.
- The balance in the Unearned Consulting Fees account includes $1200 earned for services rendered in the last week of June.
- Estimated depreciation on the office equipment is $2140. Depreciation on the building is $8760.
- A 12-month insurance policy was purchased on 1 April for $780.
- The June monthly mortgage payment of $900 has not been paid or recorded. In each payment, $220 is attributable to interest.
- The June telecommunications costs for $320 are unrecorded. No tax invoice has been received.
- Salaries of $980 were owing to employees at 30 June 2020.
Required
- Prepare necessary adjusting entries and adjusted trial balance at the end of 30 June 2018.
- Prepare the Statement of Profit or Los for the period ending 30 June 2018.
- Prepare the Balance Sheet as of 30 June 2018.
[Button id=”1″]
[ad_2]
Source link
"96% of our customers have reported a 90% and above score. You might want to place an order with us."
