ASSIGNMENT DETAILS Owen Owner owns Owner's Repairs. The business has been operating for some time. The current financial year is 1 July 2018 to 30 June 2019. A trial balance at 314 of May 2019 has been prepared and is shown below. Ignore GST O.OWNER'S REPAIRS Trial Balance as at 31 May 2019 Credit Debit $43,375 $32 472 5805 53.881 $19,800 Cash at Bank Accounts Receivable Office Supplies Prepaid Advertising Delivery Van Accumulated Depreciation Van Accounts Payable Unearned Fees Bank Loan o Owner - Capita O Owner Drawings Fee Revenue Delivery Van Expense Rent Expense Wages Expens Telephone Expense Rates and Taxes Expens $6,600 $17.912 $6,098 $19.800 $32.723 $13200 $82.368 $792 $16.699 $165,502 $165 502 The following transactions (1-11) occurred during June 2019, which have not yet been recorded. There are also a number of adjusting entres to be recorded (12-19) 1. Repair fees of $4,400 were earned during the month of those fees $1.100 were received in cash. The balance consisted of transactions on credit 2. Supplies costing $1,320 were purchased on credit 3. Received $5 500 from customers for payment on account 4. Paid $220 for petrol for the delivery van 5. Purchased a one year insurance policy for the van for $3.960 6. Owen withdrew $3,300 to pay his chiloren's school fees. 7 Wages of $1.650 were paid 8. Paid $4.620 to creditors for amounts oming 9. Paid rent for the month for $1,320 10. Purchased some repair equipment Paid cash of $2 200 and increased the bank loan by y en 3 php/3632751/mod_resource/content//BUSN91139020 Assignment%20524202019%20%282512019%29. Microsoft PowerPoint 9. Paid rent for the month for $1.320 10. Purchased some repair equipment Paid cash of $2.200 and increased the bank loan by $4,400 to pay for it 11. Repaired a customer's machinery to the value of $660. Customer to pay in 30 days. The following information relates to adjusting entries at the end of June 2019 12. A physical count on the 30 June 2019 of the supplies on hand came to $715. 13. Interest accrued on the bank loan came to S1,320 14. Insurance costing $330 expired during the year. 15. Depreciation on the vehicle is $3,300 16. Wages accrued but not yet paid were $550. 17 Performed repairs worth $3,850 where the customer had previously paid in advance. 18. Performed repairs for $5,940. Customers have not yet been invoiced 19. A telephone account for S166, due in July was received, Required A. Prepare journal entries to record all transactions completed to 30 June 2019 (including the adjusting entries). Narrations are required Where you would normally show a date, you can use the number of each transaction 40 marks B. Open T-accounts for the business Post the entries from part A lo the accounts and balance the accounts. You will need to balance all of the accounts as part of your workings. However for your submission only show properly balanced T-accounts for the following accounts: Cash at Bank Accounts Receivable Prepaid Insurance Required: A Prepare journal entries to record all transactions completed to 30 June 2019 (including the adjusting entries). Narrations are required. Where you would normally show a date, you can use the number of each transaction 40 marks Open T-accounts for the business Post the entries from part A to the accounts and balance the accounts. You will need to balance all of the accounts as part of your workings. However, for your submission, only show properly balanced T-accounts for the following accounts: Cash at Bank Accounts Receivable Prepaid Insurance Fee Revenue Wages Expense 20 marks C. Prepare an adjusted Tnal Balance 10 marks D. Prepare an Income Statement. Statement of Changes in Equity and a classified Balance Sheet for the year ending 30 June 2019 20 marks E Prepare closing entnes for the year ending 30 June 2019. You are not required to post these to the ledger accounts 10 marks The purpose of this assignment is to give you practice at preparing general journal entries adjusting entries and financial statements It is NOT acceptable to share files templates or electronic versions of assignment questions with other students - this is an individual assignment and must be all your own work Up to a 10% penalty may be applied for poor presentation