Greggs Shipping Supplies Ltd- Barbados Branch

Trial Balance as at June 30, 2022

The following additional information is available at June 30, 2022:

Store Supplies on hand at June 30, 2022 amounted to $80,000.

Insurance of $132,000 was paid on April 1, 2022, for 8-months to November 2022

Rent was prepaid on March 1, 2022, for 7-months to September 2022.

The furniture and fixtures have an estimated useful life of 10 years and is being depreciated on the straight-line method down to a residual value of $10,000.

The motor truck was acquired on May 1, 2022, and is being depreciated

over 5 years on the double-declining balance method of depreciation, down to

a residue of $10,000

Salaries earned by employees not yet paid amounted to $108,000 at June 30, 2022.

Accrued interest expense as of June 30, 2022, $24,000.

On June 30, 2022, $85,000 of the previously unearned sales revenue had been earned.

The aging of the Accounts Receivable schedule at June 30, 2022 indicated that the

Allowance for Bad Debts should be $70,000.

After making all other adjustments, a physical count of inventory was done, which

reveals that there was $1,100,000 worth of inventory on hand at June 30,2022

Other data:

(xi) The business is expected to make principal payments totalling $250,000 towards the

loan during the fiscal year to June 30 ,2023

Required:

Prepare the necessary adjusting journal entries on June 30, 2022.

[Narrations are not required]

Prepare the Adjusted Trial balance at June 30, 2022.

Prepare the companys multiple-step income statement for the period ending June 30, 2022

Prepare the companys statement of owners equity at June 30, 2022

Prepare the companys classified balance sheet at June 30, 2022