lo 1 140 Part 1 Compare and contrast the purposes of adjusting entries, closing entries and reversing entries. (6 Marks) Part 2 - End of Period Adjustments and Closings and Financial Statements (14 Marks) The unadjusted trial balance of Jammie's Financial Consultant, contains the following account balances as at 30 June 2018: JAMIMITE'S FINACIAL CONSULTAT Unadjusted Trial Balance, as at 30 June 2018 Account Debit Credit Cash at Bank S 5 200 Accounts Receivable 9260 GST Receivable 920 Office Supplies Land 60 000 Building 152 000 Accumulated Depreciation - Building 64 000 Office Equipment 23 400 Accumulated Depreciation - Office Equipment Accounts Payable 7960 Uneamed Consulting Fees GST Payable 2 000 Mortgage Payable 88 600 C. Delaney, Capital 71 490 C. Delaney, Drawings Consulting Fees Revenue 156 860 Insurance Expense 1 660 Salaries Expense 87 940 Electricity Expense 760 Interest Expense 2 090 Telecommunications Expense 1 740 Total $398 890 $398 890 The following additional account titles are included in the chart of accounts: Prepaid Insurance Telecommunications Expense Payable Office Supplies Expense Depreciation Expense - Buildings Depreciation Expense - Office Equipment Interest Payable Salaries Payable 6 420 1 560 The following information is also available: 1. A physical count of office supplies reveals that supplies totalling $420 are on hand at 30 June. 2. The balance in the Unearned Consulting Fees account includes $1200 earned for services rendered in the last week of June. 3. Estimated depreciation on the office equipment is $2140. Depreciation on the building is $8760 4. A 12-month insurance policy was purchased on 1 April for $780 plus GST. 5. The June monthly mortgage payment of $900 has not been paid or recorded. In each payment, $220 is attributable to interest 6. The June telecommunications costs for $320 are unrecorded. No tax invoice has been received 7. Salaries of $980 were owing to employees at 30 June 2018. Required: 1. Prepare a 6-column worksheet for the year ended 30 June 2018. Use the same format of the column worksheet provided. (6 marks) 2. Prepare the income statement, balance sheet (Narrative Format) and statement of changes in equity (7 marks) 3. Minutes of meetings attended by group members must be kept and detail attendance, work allocations, problems and resolutions to problems (Use template being provided 1marks