Question
Kathy Seeborne Adjusted Trial Balance As at 30 June 2020 Account Debits $ Credits $ Cash at Bank 60,000 Accounts Receivable 64,000 Prepaid Rent 24,000
Kathy Seeborne
Adjusted Trial Balance
As at 30 June 2020
| Account | Debits $ | Credits $ |
| Cash at Bank | 60,000 |
|
| Accounts Receivable | 64,000 |
|
| Prepaid Rent | 24,000 |
|
| Inventory | 328,000 |
|
| Equipment | 560,000 |
|
| Accumulated Depreciation - Equipment |
| 280,000 |
| Land | 640,000 |
|
| Accounts Payable |
| 164,000 |
| Unearned revenue |
| 96,000 |
| Mortgage Loan |
| 520,000 |
| Capital |
| 680,000 |
| Drawings | 160,000 |
|
| Sales Revenue |
| 920,000 |
| Fee Revenue |
| 80,000 |
| Depreciation Expense | 180,000 |
|
| Electricity Expense | 140,000 |
|
| Rent Expense | 220,000 |
|
| Wages Expense | 364,000 |
|
| TOTALS | 2,740,000 | 2,740,000 |
Required
From the Adjusted Trial Balance provided above prepare the appropriate Closing Journal entries for the year ended 30 June 2020. Narrations are required.
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