Answer:

Question 1 The adjusted trial balance for Mario's Pizza Palace at 30 June is presented below: Mario's Pizza Palace Adjusted trial balance as at 30 June 20XX Credit Account number 100 110 120 130 140 150 Debit 43,510 540 672 1,242 988 349 1,376 17,820 14,256 34,910 160 170 171 180 181 200 210 220 230 280 300 310 400 410 420 430 500 Account Cash Cash float Accounts receivable Inventory - food Inventory - packaging Prepaid advertising Prepaid insurance Motor vehicles (cost) Accumulated depreciation - motor vehicles Store equipment (cost) Accumulated depreciation - store equipment Accounts payable PAYG withholding payable Superannuation payable Wages payable Bank loan Owner's capital Owner's drawings Sales income Sales returns and allowances Discounts received Delivery income Food purchases Purchase returns and allowances 14,741 15,301 1,235 258 1,264 16,798 50,981 45,022 203,988 51 544 29 60,986 510 390 520 14,422 282 78 530 540 600 605 610 615 620 625 630 635 640 645 650 655 660 665 670 Packaging costs Discount given Freight inwards Accountancy fees Advertising expense Bank charges Depreciation Electricity and gas expense Insurance expense Interest expense Motor vehicles expense Printing, postage and stationery expense Rent expense Repairs and maintenance expense Sundry expenses Superannuation expense Telephone expense Wages expense 1,148 3,906 768 7,055 2,844 2,633 1,087 5,129 483 27,716 712 290 3,430 3,872 36,464 319,785 ZU 319,785 Using the adjusted trial balance above, complete the general journal entries to close off the accounts for the end of the reporting period, post to and balance the general ledger accounts. (Note: Enter accounts in ascending account number order according to the chart of accounts.) Description Post ref. Debit Credit Date 20XX June (Close income accounts to profit or loss summary) (Close purchase returns and record closing inventory to profit or loss summary) UUUUUUUUUUUUU (Close opening inventory accounts and expenses to profit or loss summary) (Transfer profit or loss summary to owner's capital) (Close owner's drawings to owner's capital)