You are asked by Julia Kreiger to prepare an 8-column worksheet and then an income statement and balance sheet for the year ended 30 June 2022. Use the account balances in figure 11.38 and the balance day adjustments below. 

Balance day adjustments on 30 June 2022 were as follows.
a Inventory should be $7103; overstated by $242 ($220 + $22 GST).
b Motor vehicles were depreciated at 18% p.a., rounded to the nearest dollar.
c Office furniture and equipment were depreciated at 12% p.a., rounded to the nearest dollar.
d Interest on government bonds is owed for three months.
e Bad debts of $253 ($230 + $23 GST) need to be written off.
f Allowance for doubtful debts was adjusted to 2% of accounts receivable (to the nearest $100).
g Annual insurance premium of $2820 was paid on 1 March 2022.
h Accrual for salaries was $1590.
i Motor vehicle expenses accrued $823.
j The estimated consumption of electricity not yet paid was $420.

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Account Balances of Julia Kreiger as at 30 June 2022 Bank Petty Cash Accounts Receivable Control Allowance for Doubtful Debts Inventory Motor Vehicles Accumulated Depreciation - Motor Vehicles Office Furniture and Equipment Accumulated Deprec'n- Office Furniture & Equipment 12% Government Bonds Bad Debts Expense Bad Debts Recovered Capital Accounts Payable Control Electricity Freight Outwards GST Payable Insurance Interest Received Motor Vehicles Expenses Cost of Sales Salaries Sales Telephone GST Receivable 8992 550 40 392 400 7323 61 496 19 754 39 183 9 501 25 000 1885 2700 73 887 18 975 2 179 2 108 4 590 3 690 2 250 7 103 82 157 29 582 183 527 1 602 2342