Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chris Fast owns Chris' Couriers. The unadjusted trial balance on 30 June 20x2 is shown below: Chris' Couriers Unadjusted Trial Balance as at 30 June

image text in transcribedimage text in transcribedimage text in transcribed

Chris Fast owns Chris' Couriers. The unadjusted trial balance on 30 June 20x2 is shown below: Chris' Couriers Unadjusted Trial Balance as at 30 June 20x2 Acc No. Account Title Debit Credit 100 Cash 17,906 104 Accounts Receivable 18,312 110 Equipment 1,680 112 Office Supplies 1,372 113 Prepaid Insurance 3,920 114 Prepaid Advertising 2,632 130 Delivery Van 21,812 131 Accumulated Depreciation-Delivery 3,192 Van 300 510 200 Accounts Payable 17,556 213 Unearned Fees (received in advance) 3,612 220 Bank Loan 11,480 Chris Fast - Capital 12,978 305 Chris Fast - Drawings 33,124 400 Fees Revenue 131,040 Rent Expense 15,232 515 Salaries Expense 60,900 530 Telephone Expense 2,968 $ 179,858 $ 179,858 The following additional information is available at 30 June: 1) Salaries accrued but unrecorded on 30 June, 514,560. 2) Invoices representing 55,600 of services performed during the month have not been recorded as at 30 June 20x2. 3) Unused office supplies on hand on 30 June totalled $756. 4) Delivery van is to be depreciated by $4,340. 5) The Unearned Fees account includes $840 received for fees earned during June. 6) The prepaid insurance is the annual (yearly) premium for insurance commencing 1 January 20x2. No adjustment has yet been made. Interest accrued on bank loan at 30 June, $756. Required: Answer Questions 1(a) and 1 (b) below: Question 1(a) (7 Marks) Prepare adjusting entries for the period ended 30 June 20x2 (ignore GST, narrations are not required) A BI Enter your Journal Entries into the template below: Date Description Debit Credit Question 1(b) (6 Marks) Prepare an Income Statement for the year ended 30 June 20x2 B 1 Enter your answer into the template below

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

Cases In Auditing

Authors: Josephine Maltby

2nd Edition

1853963127, 978-1853963124

More Books

Students also viewed these Accounting questions

Question

Write a Python program to check an input number is prime or not.

Answered: 1 week ago

Question

7. Identify six intercultural communication dialectics.

Answered: 1 week ago