Journalise the closing entries and prepare a Statement of Financial

Position $($narrative format$)$ and a Statement of Profit or Loss based on

the adjusted trial balance for Bj$$rn Hairdressing Services for the year

ended $30$ June $2022.$ This is the first year of operations.

Bj$$rn Hairdressing Services

Adjusted Trial Balance

For the Year Ended $30$ June $2022$

Account Debit

$($$$)$

Credit

$($$$)$

Cash $4,500$

Service revenue receivable $3,200$

Supplies $400$

Prepaid Insurance $1,200$

Hairdressing Equipment $8,000$

Acc. Dep $$ HD Equip $1,300$

Accounts Payable $2,700$

Salaries Payable $600$

Continued

on the

next slide

Workshop Activity $4$

Account Debit

$($$$)$

Credit

$($$$)$

Rent received in advance $300$

Owner$$s Capital $13,100$

Hairdressing Revenue $8,000$

Rent revenue $100$

Salaries Expense $6,000$

Supplies expense $1,150$

Insurance expense $1,250$

Depreciation expense $400$

$26,10026,100$