Jack Thomas owns a men’s hairdressing salon which conducts business in a large shopping complex in Melbourne. Presented below are selected (incomplete) data from the three trial balances at the end of the current year, 30 June 2020. Accounts are arranged alphabetically.

During the period, adjustments were made to record haircut revenue receivable, hair care supplies expense, rent expense, advertising expense, depreciation expense and wages accrued.

Required

(a) Prepare a worksheet in correct financial statement order, filling in the blank spaces where necessary. Note that the column totals for the trial balances are as follows.

No additional accounts are required.

(b) Prepare the income statement and balance sheet as at the date of the worksheet.

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Account Accounts payable Accumulated depreciation Advertising expense Cash at bank Depreciation expense Electricity expense Equipment J. Thomas, Capital J. Thomas, Drawings Hair care supplies Prepaid advertising Prepaid rent Rent expense Hair care supplies expense Haircut revenue Haircut revenue receivable Wages expense Wages payable Unadjusted $10 230 13 360 15960 53 460 15 200 24 800 2 430 56 480 Adjusted $ 10230 8640 5630 19 000 16360 20 400 32 560 180 540 Post-closing $10230 53 460 17 350 1620 4680 2010