Question
I NEED HELP ASAP !!! The following information relates to Satoshi Services on 30 June 2021. Equipment 460,000 Prepaid Insurance 12,000 Wages Expenses 36,000 Cash
I NEED HELP ASAP !!!
The following information relates to Satoshi Services on 30 June 2021.
| Equipment | 460,000 |
| Prepaid Insurance | 12,000 |
| Wages Expenses | 36,000 |
| Cash at Bank | 420,000 |
| Service Revenue | 380,000 |
| Depreciation expense - Equipment | 28,000 |
| Accounts receivable | 74,000 |
| Supplies Expense | 18,500 |
| Owner, Drawings | 12,000 |
| Unearned revenue | 43,000 |
| Electricity Expense | 29,000 |
| Accounts payable | 57,000 |
| Capital | ? |
| Bank Loan | 70,000 |
| Accumulated Depreciation- Equipment | 85,000 |
Required
a) Prepare the closing entries for the business. Narration is not required. (5 marks)
b) Prepare the post-closing trial balance for the business. (5 marks)
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a. Closing Entries
| Date | Accounts | Debit | Credit |
b. Post-closing Trial Balance
| Satoshi Services Post-closing Trial Balance As at 30 June 2021 | ||
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International Marketing And Export Management
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
8th Edition
1292016922, 978-1292016924
