Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Hi I am Diego and I am currently coursing certificate IV in accounting and bookkeeping. I have problems with my assessments as I do not

Hi I am Diego and I am currently coursing certificate IV in accounting and bookkeeping. I have problems with my assessments as I do not have many tutorials sessions and there is many things I do not understand. so the questions is "course hero" can help me out to get my questions solved and how does it work.? how long does it take to get an answer and how trustful are the assessments already in the platform.

for example in this question I would ask about question #1 assessment #2

The Alexandria Driving School commenced operations on 1st July 2018. The following is a list of account balances as at 30th June 2019

Accounts Payable

$1,580

Accounts Receivable

$350

Accumulated Depreciation - Building

$750

Accumulated Depreciation - Motor Vehicles

$24,190

Advertising Expense

$625

Alexandra, Capital

$600,000

Alexandra, Drawings

$3,000

Building

$450,000

Cash at Bank

$12,375

Depreciation Expense - Building

$750

Depreciation Expense - Motor Vehicles

$24,190

Land

$247,000

Long-term Loan Payable

$145,800

Motor Vehicles

$96,750

Wages Expense

$49,000

Telephone Expense

$1,250

Driving Lesson fees

$120,729

Electricity Expense

$1,100

Fuel & Motor Oils Expense

$7,800

Motor Vehicle Maintenance Expense

$1,560

GST Paid

$395

GST Collected

$3,096

Required

1.Prepare appropriately organized Trial Balance as at 30th June 2019.

2.Prepare closing entries.

3.Apply the closing entries to your answer in Question 1 and prepare post- closing Trial Balance as at 30th June 2019.

4.Prepare:

a.Income Statement for the year ended 30th June 2019.

b.Statement of Changes in Equity for the year ended 30th June 2019.

c.Balance Sheet as at 30th June 2019.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Introduction To Health Care Management

Authors: Sharon B. Buchbinder, Nancy H. Shanks

3rd Edition

9781284081015

Students also viewed these Accounting questions

Question

How do you add two harmonic motions having different frequencies?

Answered: 1 week ago