Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a ) Journalise the July transactions. ( b ) Post to the ledger accounts ( use T accounts ) . ( c ) Prepare a

a) Journalise the July transactions.(b) Post to the ledger accounts (use T accounts).(c) Prepare a trial balance as at 31 July.(d) Journalise the following adjustments.1. Services provided but not invoiced and uncollected at 31 July were $6000.2. Depreciation on truck for the month was $750.3. One-twelfth of the insurance expired.4. An inventory count shows $1200 of cleaning supplies on hand at 31 July.5. Unpaid employee salaries were $900.(e) Post adjusting entries to the T accounts prepared in part (b).(f) Prepare the statement of profit or loss and a calculation of retained earnings for July, and prepare a classified statement of financial position as at 31 July.(g) Prepare an adjusted trial balance.(h) Journalise and post closing entries and complete the closing process as if it were the end of the financial year.(i) Prepare a post-closing trial balance at 31 July.(j) The business purchases cleaning supplies which are 'environmentally friendly' but cost twice the price of an alternative brand. Joe, a potential investor, doesn't understand why a business would not just try to reduce costs. Prepare a short response to Joe explaining why a business would choose to operate this way.PSA3.9 Journalise transactions and follow through accounting cycle to preparation of financial statements.LO4,5,6,7,8On 1 July 2022, the following were the account balances of Kookaburra Ltd:

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting And Reporting

Authors: Barry Elliott, Jamie Elliott

15th Edition

0273760882, 9780273760887

More Books

Students also viewed these Accounting questions