2.0 Trial balance as at 31 May 2020

THANOS CLEANING SERVICES PTY LTD

Unadjusted Trial Balance

as at 31 May 2020

Accounts

DR

CR

Cash at Bank

$20,000

Accounts Receivable

$25,000

Allowance for doubtful debts

$200

Supplies

$12,000

Prepaid Insurance

$9,000

Cleaning Equipment

$20,000

Accumulated Depreciation - Equip.

$0

Accounts Payable

$37,500

Wages and Salaries Payable

$0

Unearned Revenue

$60,000

Interest Payable

$0

Loan Payable

$0

Share Capital

$200,000

Retained Earning

$35,000

Dividend

$20,000

Service Revenue

$250,000

Accounting Fee

$3,000

Advertising Expense

$70,000

Bad debt Expense

$0

Bank Servicing Fee

$220

Bank Interest Expense

$0

Depreciation Expense

$0

Insurance Expense

$78,000

Legal Fee

$0

Rent Expense

$110,000

Repair & Maintenance Expense

$18,000

Wages and Salaries Expense

$173,500

Supplies Expense

$0

Telephone Expense

$15,000

Utilities Expense

$8,980

$582,700

$582,700

3.0 Transactions for the month of June 2020 & Year End Adjustments

Transactions for the month of June 2020

YOU MUST USE YOUR OWN NUMBERS

Date

Transactions

Amount

03/06/2020

Issue of additional shares by private placement

05/06/2020

Borrowed money from ANZ.

$5.000,00

06/06/2020

Paid rent for June

$110,000

08/06/2020

Collected a partial payment on an outstanding account receivable

13/06/2020

Paid a partial payment on the open account

14/06/2020

Paid wages expense incurred

15/06/2020

Provided services to customers, received cash

20/06/2020

Provided services on account

23/06/2020

Paid cash for legal advice associated with liquidation

28/06/2020

Paid wages expense incurred

29/06/2020

Received a bill for accounting services

30/06/2020

Received a bill for utilities used

Year End Adjustments

30/06/2020

During the period the business used one third of supplies

30/06/2020

Accrued wages expense ($1,000) for June 29 & June 30

30/06/2020

Prepaid insurance represents premiums for 1 year paid on 1 January 2020

30/06/2020

The interest on loan accrued (Interest rate is 6% per annum)

30/06/2020

Depreciation Expense for Equipment (purchased 1 July 2019. It has a useful life of 4 years and no salvage value. The business uses a straight-line method)

30/06/2020

Half of the unearned revenue has been earned by 30 June 2020

30/06/2020

Overlooked bank servicing fee ($20) withdrawn

30/06/2020

Telephone bill for June ($900) was not recorded (not paid)

30/06/2020

2% of the accounts receivable amounts expected to be uncollectable

4.0 General Journal

Date

Accounts

Debit

Credit

03/06/2020

Aditional share

$5.000,00

Issue Aditional

$5.000,00

05/06/2020

Borrowed money

$10.000,00

Liabilities

$10.000,00

06/06/2020

Rent

110,00

08/06/2020

13/06/2020

14/06/2020

Wage Expenses

$1.000,00

Cash

$-1.000,00

15/06/2020

20/06/2020

Account Receivable

$50.000,00

Revenue

$50.000,00

23/06/2020

28/06/2020

29/06/2020

30/06/2020

5.0 General Ledger

Cash at Bank

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Accounts Receivable

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Allowance for doubtful debts

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Supplies

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Prepaid Insurance

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Cleaning Equipment

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Accumulated Depreciation - Equip.

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Accounts Payable

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Wages and Salaries Payable

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Unearned Revenue

Date

Description

Debit

Credit

Balance

01/06/2019

Opening balance

30/06/2020

Ending balance

Interest Payable

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Loan Payable

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Share Capital

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Retained Earning

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Dividend

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Service Revenue

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Accounting Fee

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Advertising Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Bad debt Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Bank Servicing Fee

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Bank Interest Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Depreciation Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Insurance Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Legal Fee

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Rent Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Repair & Maintenance Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Wages and Salaries Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Supplies Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Telephone Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Utilities Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

6.0 Accounting Worksheet

Accounts

Unadjusted Trial Balance

Adjusting Entries

Adjusted Trial Balance

Income Statement

Balance Sheet

DR

CR

DR

CR

DR

CR

DR

CR

DR

CR

Cash at Bank

Accounts Receivable

Allowance for doubtful debts

Supplies

Prepaid Insurance

Cleaning Equipment

Accumulated Depreciation - Equip.

Accounts Payable

Wages and Salaries Payable

Unearned Revenue

Interest Payable

Loan Payable

Share Capital

Retained Earning

Dividend

Service Revenue

Accounting Fee

Advertising Expense

Bad debt Expense

Bank Servicing Fee

Bank Interest Expense

Depreciation Expense

Insurance Expense

Legal Fee

Rent Expense

Repair & Maintenance Expense

Wages and Salaries Expense

Supplies Expense

Telephone Expense

Utilities Expense

Subtotal

Profit or loss

Total

7.0 Adjusting Journals

Date

Particulars

Debit

Credit

30/06/20

30/06/20

30/06/20

30/06/20

30/06/20

30/06/20

30/06/20

30/06/20

30/06/20

8.0 Closing Journals

Date

Particulars

Debit

Credit

30/06/20

30/06/20

30/06/20

30/06/20

9.0 Financial Statements

9.1 Income Statement

THANOS CLEANING SERVICES PTY LTD

Income Statement

For the year ended 30 June 2020

INCOME

Service Revenue

Total Income

EXPENSES

Accounting Fee

Advertising Expense

Bad debt Expense

Bank Servicing Fee

Bank Interest Expense

Depreciation Expense

Insurance Expense

Legal Fee

Rent Expense

Repair & Maintenance Expense

Wages and Salaries Expense

Supplies Expense

Telephone Expense

Utilities Expense

Total Expenses

NET INCOME OR LOSS

9.2 Statement of changes in equity

THANOS CLEANING SERVICES PTY LTD

Statement of Changes in Equity

For the year ended 30 June 2020

Issued Capital

Retained Profits

Total Equity

Balance at 1 July 2019

$200,000

$35,000

$235,000

Add: Share issued, net of costs

Add: Profit for the year

Less: Dividends paid

Balance at 30 June 2020

9.3 Balance Sheet

THANOS CLEANING SERVICES PTY LTD

Balance Sheet

As at 30 June 2020

ASSETS

Cash at Bank

Accounts Receivable

Allowance for doubtful debts

Supplies

Prepaid Insurance

Cleaning Equipment

Accumulated Depreciation - Equip.

Total Assets

LIABILITIES

Accounts Payable

Wages and Salaries Payable

Unearned Revenue

Interest Payable

Loan Payable

Total Liabilities

NET ASSETS

EQUITY

Share Capital

Retained Earning

Total Equity

2.0 Trial balance as at 31 May 2020

THANOS CLEANING SERVICES PTY LTD

Unadjusted Trial Balance

as at 31 May 2020

Accounts

DR

CR

Cash at Bank

$20,000

Accounts Receivable

$25,000

Allowance for doubtful debts

$200

Supplies

$12,000

Prepaid Insurance

$9,000

Cleaning Equipment

$20,000

Accumulated Depreciation - Equip.

$0

Accounts Payable

$37,500

Wages and Salaries Payable

$0

Unearned Revenue

$60,000

Interest Payable

$0

Loan Payable

$0

Share Capital

$200,000

Retained Earning

$35,000

Dividend

$20,000

Service Revenue

$250,000

Accounting Fee

$3,000

Advertising Expense

$70,000

Bad debt Expense

$0

Bank Servicing Fee

$220

Bank Interest Expense

$0

Depreciation Expense

$0

Insurance Expense

$78,000

Legal Fee

$0

Rent Expense

$110,000

Repair & Maintenance Expense

$18,000

Wages and Salaries Expense

$173,500

Supplies Expense

$0

Telephone Expense

$15,000

Utilities Expense

$8,980

$582,700

$582,700

3.0 Transactions for the month of June 2020 & Year End Adjustments

Transactions for the month of June 2020

YOU MUST USE YOUR OWN NUMBERS

Date

Transactions

Amount

03/06/2020

Issue of additional shares by private placement

05/06/2020

Borrowed money from ANZ.

$5.000,00

06/06/2020

Paid rent for June

$110,000

08/06/2020

Collected a partial payment on an outstanding account receivable

13/06/2020

Paid a partial payment on the open account

14/06/2020

Paid wages expense incurred

15/06/2020

Provided services to customers, received cash

20/06/2020

Provided services on account

23/06/2020

Paid cash for legal advice associated with liquidation

28/06/2020

Paid wages expense incurred

29/06/2020

Received a bill for accounting services

30/06/2020

Received a bill for utilities used

Year End Adjustments

30/06/2020

During the period the business used one third of supplies

30/06/2020

Accrued wages expense ($1,000) for June 29 & June 30

30/06/2020

Prepaid insurance represents premiums for 1 year paid on 1 January 2020

30/06/2020

The interest on loan accrued (Interest rate is 6% per annum)

30/06/2020

Depreciation Expense for Equipment (purchased 1 July 2019. It has a useful life of 4 years and no salvage value. The business uses a straight-line method)

30/06/2020

Half of the unearned revenue has been earned by 30 June 2020

30/06/2020

Overlooked bank servicing fee ($20) withdrawn

30/06/2020

Telephone bill for June ($900) was not recorded (not paid)

30/06/2020

2% of the accounts receivable amounts expected to be uncollectable

4.0 General Journal

Date

Accounts

Debit

Credit

03/06/2020

Aditional share

$5.000,00

Issue Aditional

$5.000,00

05/06/2020

Borrowed money

$10.000,00

Liabilities

$10.000,00

06/06/2020

Rent

110,00

08/06/2020

13/06/2020

14/06/2020

Wage Expenses

$1.000,00

Cash

$-1.000,00

15/06/2020

20/06/2020

Account Receivable

$50.000,00

Revenue

$50.000,00

23/06/2020

28/06/2020

29/06/2020

30/06/2020

5.0 General Ledger

Cash at Bank

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Accounts Receivable

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Allowance for doubtful debts

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Supplies

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Prepaid Insurance

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Cleaning Equipment

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Accumulated Depreciation - Equip.

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Accounts Payable

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Wages and Salaries Payable

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Unearned Revenue

Date

Description

Debit

Credit

Balance

01/06/2019

Opening balance

30/06/2020

Ending balance

Interest Payable

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Loan Payable

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Share Capital

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Retained Earning

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Dividend

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Service Revenue

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Accounting Fee

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Advertising Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Bad debt Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Bank Servicing Fee

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Bank Interest Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Depreciation Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Insurance Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Legal Fee

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Rent Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Repair & Maintenance Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Wages and Salaries Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Supplies Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Telephone Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Utilities Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

6.0 Accounting Worksheet

Accounts

Unadjusted Trial Balance

Adjusting Entries

Adjusted Trial Balance

Income Statement

Balance Sheet

DR

CR

DR

CR

DR

CR

DR

CR

DR

CR

Cash at Bank

Accounts Receivable

Allowance for doubtful debts

Supplies

Prepaid Insurance

Cleaning Equipment

Accumulated Depreciation - Equip.

Accounts Payable

Wages and Salaries Payable

Unearned Revenue

Interest Payable

Loan Payable

Share Capital

Retained Earning

Dividend

Service Revenue

Accounting Fee

Advertising Expense

Bad debt Expense

Bank Servicing Fee

Bank Interest Expense

Depreciation Expense

Insurance Expense

Legal Fee

Rent Expense

Repair & Maintenance Expense

Wages and Salaries Expense

Supplies Expense

Telephone Expense

Utilities Expense

Subtotal

Profit or loss

Total

7.0 Adjusting Journals

Date

Particulars

Debit

Credit

30/06/20

30/06/20

30/06/20

30/06/20

30/06/20

30/06/20

30/06/20

30/06/20

30/06/20

8.0 Closing Journals

Date

Particulars

Debit

Credit

30/06/20

30/06/20

30/06/20

30/06/20

9.0 Financial Statements

9.1 Income Statement

THANOS CLEANING SERVICES PTY LTD

Income Statement

For the year ended 30 June 2020

INCOME

Service Revenue

Total Income

EXPENSES

Accounting Fee

Advertising Expense

Bad debt Expense

Bank Servicing Fee

Bank Interest Expense

Depreciation Expense

Insurance Expense

Legal Fee

Rent Expense

Repair & Maintenance Expense

Wages and Salaries Expense

Supplies Expense

Telephone Expense

Utilities Expense

Total Expenses

NET INCOME OR LOSS

9.2 Statement of changes in equity

THANOS CLEANING SERVICES PTY LTD

Statement of Changes in Equity

For the year ended 30 June 2020

Issued Capital

Retained Profits

Total Equity

Balance at 1 July 2019

$200,000

$35,000

$235,000

Add: Share issued, net of costs

Add: Profit for the year

Less: Dividends paid

Balance at 30 June 2020

9.3 Balance Sheet

THANOS CLEANING SERVICES PTY LTD

Balance Sheet

As at 30 June 2020

ASSETS

Cash at Bank

Accounts Receivable

Allowance for doubtful debts

Supplies

Prepaid Insurance

Cleaning Equipment

Accumulated Depreciation - Equip.

Total Assets

LIABILITIES

Accounts Payable

Wages and Salaries Payable

Unearned Revenue

Interest Payable

Loan Payable

Total Liabilities

NET ASSETS

EQUITY

Share Capital

Retained Earning

Total Equity

2.0 Trial balance as at 31 May 2020

THANOS CLEANING SERVICES PTY LTD

Unadjusted Trial Balance

as at 31 May 2020

Accounts

DR

CR

Cash at Bank

$20,000

Accounts Receivable

$25,000

Allowance for doubtful debts

$200

Supplies

$12,000

Prepaid Insurance

$9,000

Cleaning Equipment

$20,000

Accumulated Depreciation - Equip.

$0

Accounts Payable

$37,500

Wages and Salaries Payable

$0

Unearned Revenue

$60,000

Interest Payable

$0

Loan Payable

$0

Share Capital

$200,000

Retained Earning

$35,000

Dividend

$20,000

Service Revenue

$250,000

Accounting Fee

$3,000

Advertising Expense

$70,000

Bad debt Expense

$0

Bank Servicing Fee

$220

Bank Interest Expense

$0

Depreciation Expense

$0

Insurance Expense

$78,000

Legal Fee

$0

Rent Expense

$110,000

Repair & Maintenance Expense

$18,000

Wages and Salaries Expense

$173,500

Supplies Expense

$0

Telephone Expense

$15,000

Utilities Expense

$8,980

$582,700

$582,700

3.0 Transactions for the month of June 2020 & Year End Adjustments

Transactions for the month of June 2020

YOU MUST USE YOUR OWN NUMBERS

Date

Transactions

Amount

03/06/2020

Issue of additional shares by private placement

05/06/2020

Borrowed money from ANZ.

$5.000,00

06/06/2020

Paid rent for June

$110,000

08/06/2020

Collected a partial payment on an outstanding account receivable

13/06/2020

Paid a partial payment on the open account

14/06/2020

Paid wages expense incurred

15/06/2020

Provided services to customers, received cash

20/06/2020

Provided services on account

23/06/2020

Paid cash for legal advice associated with liquidation

28/06/2020

Paid wages expense incurred

29/06/2020

Received a bill for accounting services

30/06/2020

Received a bill for utilities used

Year End Adjustments

30/06/2020

During the period the business used one third of supplies

30/06/2020

Accrued wages expense ($1,000) for June 29 & June 30

30/06/2020

Prepaid insurance represents premiums for 1 year paid on 1 January 2020

30/06/2020

The interest on loan accrued (Interest rate is 6% per annum)

30/06/2020

Depreciation Expense for Equipment (purchased 1 July 2019. It has a useful life of 4 years and no salvage value. The business uses a straight-line method)

30/06/2020

Half of the unearned revenue has been earned by 30 June 2020

30/06/2020

Overlooked bank servicing fee ($20) withdrawn

30/06/2020

Telephone bill for June ($900) was not recorded (not paid)

30/06/2020

2% of the accounts receivable amounts expected to be uncollectable

4.0 General Journal

Date

Accounts

Debit

Credit

03/06/2020

Aditional share

$5.000,00

Issue Aditional

$5.000,00

05/06/2020

Borrowed money

$10.000,00

Liabilities

$10.000,00

06/06/2020

Rent

110,00

08/06/2020

13/06/2020

14/06/2020

Wage Expenses

$1.000,00

Cash

$-1.000,00

15/06/2020

20/06/2020

Account Receivable

$50.000,00

Revenue

$50.000,00

23/06/2020

28/06/2020

29/06/2020

30/06/2020

5.0 General Ledger

Cash at Bank

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Accounts Receivable

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Allowance for doubtful debts

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Supplies

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Prepaid Insurance

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Cleaning Equipment

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Accumulated Depreciation - Equip.

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Accounts Payable

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Wages and Salaries Payable

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Unearned Revenue

Date

Description

Debit

Credit

Balance

01/06/2019

Opening balance

30/06/2020

Ending balance

Interest Payable

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Loan Payable

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Share Capital

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Retained Earning

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Dividend

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Service Revenue

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Accounting Fee

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Advertising Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Bad debt Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Bank Servicing Fee

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Bank Interest Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Depreciation Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Insurance Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Legal Fee

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Rent Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Repair & Maintenance Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Wages and Salaries Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Supplies Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Telephone Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

Utilities Expense

Date

Description

Debit

Credit

Balance

01/06/2020

Opening balance

30/06/2020

Ending balance

6.0 Accounting Worksheet

Accounts

Unadjusted Trial Balance

Adjusting Entries

Adjusted Trial Balance

Income Statement

Balance Sheet

DR

CR

DR

CR

DR

CR

DR

CR

DR

CR

Cash at Bank

Accounts Receivable

Allowance for doubtful debts

Supplies

Prepaid Insurance

Cleaning Equipment

Accumulated Depreciation - Equip.

Accounts Payable

Wages and Salaries Payable

Unearned Revenue

Interest Payable

Loan Payable

Share Capital

Retained Earning

Dividend

Service Revenue

Accounting Fee

Advertising Expense

Bad debt Expense

Bank Servicing Fee

Bank Interest Expense

Depreciation Expense

Insurance Expense

Legal Fee

Rent Expense

Repair & Maintenance Expense

Wages and Salaries Expense

Supplies Expense

Telephone Expense

Utilities Expense

Subtotal

Profit or loss

Total

7.0 Adjusting Journals

Date

Particulars

Debit

Credit

30/06/20

30/06/20

30/06/20

30/06/20

30/06/20

30/06/20

30/06/20

30/06/20

30/06/20

8.0 Closing Journals

Date

Particulars

Debit

Credit

30/06/20

30/06/20

30/06/20

30/06/20

9.0 Financial Statements

9.1 Income Statement

THANOS CLEANING SERVICES PTY LTD

Income Statement

For the year ended 30 June 2020

INCOME

Service Revenue

Total Income

EXPENSES

Accounting Fee

Advertising Expense

Bad debt Expense

Bank Servicing Fee

Bank Interest Expense

Depreciation Expense

Insurance Expense

Legal Fee

Rent Expense

Repair & Maintenance Expense

Wages and Salaries Expense

Supplies Expense

Telephone Expense

Utilities Expense

Total Expenses

NET INCOME OR LOSS

9.2 Statement of changes in equity

THANOS CLEANING SERVICES PTY LTD

Statement of Changes in Equity

For the year ended 30 June 2020

Issued Capital

Retained Profits

Total Equity

Balance at 1 July 2019

$200,000

$35,000

$235,000

Add: Share issued, net of costs

Add: Profit for the year

Less: Dividends paid

Balance at 30