Question
I NEED HELP ASAP !!!!! Required Complete the following worksheet for the year ended 30 June 2021 using the unadjusted trial balance in the worksheet
I NEED HELP ASAP !!!!!
Required
Complete the following worksheet for the year ended 30 June 2021 using the unadjusted trial balance in the worksheet and the additional information provided below. (15 marks)
- The prepaid rent balance represents the rent paid on 1 June 2021 for June, July, and August 2021.
- Machinery costing $298,000 was purchased on 1 May 2021. The straight-line depreciation method is used. The equipment has a useful life of 8 years and a scrap value of $10,000. No depreciation was ever recorded.
- Two casual employees both worked 7 days in June 2021. The daily rate for each casual employee is $600. No wages are recorded or paid.
- 60% of unearned revenue was earned but not recorded by the end of the financial year.
- A stocktake shows there were supplies on hand costing $4,200.
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| Trial Balance (Unadjusted) | Adjustments | Trial Balance (Adjusted) | Income Statement | Balance Sheet | ||||||
| Account title | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit |
| Cash at bank | 85,000 | |||||||||
| Accounts receivable | 205,000 | |||||||||
| Prepaid rent | 9,600 | |||||||||
| Supplies | 6,200 | |||||||||
| Machinery | 298,000 | |||||||||
| Accounts payable | 11,100 | |||||||||
| Unearned revenue | 18,900 | |||||||||
| Bank loan (due in 2023) | 150,000 | |||||||||
| Capital | 299,700 | |||||||||
| Service revenue | 556,100 | |||||||||
| Wages expense | 432,000 | |||||||||
| 1,035,800 | 1,035,800 | |||||||||
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Financial Accounting
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
3rd edition
9780077506902, 78025540, 77506901, 978-0078025549
