Petes Computer Shop is a sole trader run by Pete Narellan. The unadjusted trial balance of Petes

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Pete’s Computer Shop is a sole trader run by Pete Narellan. The unadjusted trial balance of Pete’s Computer Shop is shown below.

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(a) Prepare a worksheet for Pete’s Computer Shop. Use the following information to make the year‐end adjustments.
i. Prepaid insurance expired during the year, \($1290\).
ii. Depreciation on the store equipment, \($3100\); and on delivery van, \($1540\).
iii. Accrued interest on the loan payable, \($745\).

The ending inventory determined by physical count was \($36\) 430.

(b) Prepare an income statement, a statement of changes in capital and a balance sheet for the year ended 30 June 2020.

(c) Prepare adjusting and closing entries.

(d) Prepare a post‐closing trial balance.

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Accounting

ISBN: 9780730363224

10th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Beattie Claire, Hellmann Andreas, Maxfield Jodie

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