On July 1, 2000. Vince Partan attorney-as-low.opened in legal practice know Chamber The following tree was prepared 2001. are 112 risa para VP CHAMBERS TRIAL BALANCE AS AT JUNE, Daher Credit S 3 NO 13.00 14 350.000 54.000 lal Case Acts Receivable Office Supplies Motor Vehicle Offers Account Page titles Payable Learned Rear Fres Les Payable Vince Partap. Capital Job 1, 2020 Vince Partap, Drnings Legal Fees earned Computer Service Expres Wages Expo Us Expres awce Expres Rest Expense Miss Expo 3949 12.000 13.00 155.000 21.450 164.000 12.00 SIS SIS Additional Informatie 1. Anel 2021 cred interest on the band 2.700.de 2. Since the last billing to cliente con June 21, 2021. Mr Puteria bridal senderad kepal en worth $75.000 Many wed to make any legale = four month. The wrance payments are credited to the Lord Rame Fees During June 2001. 525.000 of these chances a camed by the practices entry in the second has yet been made to reflect the Office applies en tand tune 30, 2021 mounted 0732 5. Mr Panap mou pay 53.000 of the bank loan within the set you The office equipment and met vehicle were in the income of the past the July 1.300 54.000 and $350,000 respondy. The office te velice have time comic lives of five years reply to be deprecated on the straight-line basis 7. Innumee Expense trading at June 30, 2021 mented to 51.950 Rent paid in breast June 30, 221 cunted to PART B On July 1, 2020, Vince Partap, an attorney-at-law, opened his own legal practice known as "VP Chambers." The following trial balance was prepared as at June 30, 2021, after one year (12 months) of operations: VP CHAMBERS TRIAL BALANCE AS AT JUNE 30, 2021 Debit $ Credit $ 480,000 126,400 1,650 350.000 54,000 48,000 200 Cash Accounts Receivable Office Supplies Motor Vehicle Office Equipment Accounts Payable Utilities Payable Unearned Retainer Fees Loan Payable Vince Partap, Capital July 01, 2020 Vince Partap, Drawings Legal Fees earned Computer Service Expense Wages Expense Utilities Expense Insurance Expense Rent Expense Miscellaneous Expense 26,500 243,400 374,950 12,000 655,500 13,600 155,000 17,750 21,450 104,000 12.700 $1,348,550 $1,348,550 Additional Information: 1. As of June 30, 2021 accrued interest on the loan amounted to $2,700, while accrued wages totalled $6,800. 2. Since the last billing to clients on June 21, 2021, Mr Partap got a brief and rendered legal services worth $75,000. 3. Many clients are asked to make an advance payment for the legal services to be rendered in future months. The advance payments are credited to the Unearned Retainer Fees account. During June 2021, $25,000 of these advances was earned by the practice but no entry in the records has yet been made to reflect this. 4. Office supplies on hand at June 30, 2021 amounted to $720. 5. Mr Partap must pay $53,400 of the bank loan within the next year. 6. The office equipment and motor vehicle were acquired at the inception of the practice on the July 1, 2020 in the sums of $54,000 and $350,000 respectively. The office equipment and motor vehicle have estimated economic lives of five years and four years respectively and are to be depreciated on the straight-line basis. 7. Insurance Expense outstanding as at June 30, 2021 amounted to $1,950. 8. Rent paid in advance as at June 30, 2021 amounted to $8,000. (a) REQUIRED: Prepare the adjusting entries to record the additional information as at June 30, 2021 in general journal form and post these entries to the relevant accounts in the ledger. (b) Prepare the adjusted trial balance as at June 30, 2021 Prepare the income statement for the year ended June 30, 2021, as well as the Statement of Owner's Equity and Statement of Financial Position (Balance Sheet) as at June 30, 2021. On July 1, 2000. Vince Partan attorney-as-low.opened in legal practice know Chamber The following tree was prepared 2001. are 112 risa para VP CHAMBERS TRIAL BALANCE AS AT JUNE, Daher Credit S 3 NO 13.00 14 350.000 54.000 lal Case Acts Receivable Office Supplies Motor Vehicle Offers Account Page titles Payable Learned Rear Fres Les Payable Vince Partap. Capital Job 1, 2020 Vince Partap, Drnings Legal Fees earned Computer Service Expres Wages Expo Us Expres awce Expres Rest Expense Miss Expo 3949 12.000 13.00 155.000 21.450 164.000 12.00 SIS SIS Additional Informatie 1. Anel 2021 cred interest on the band 2.700.de 2. Since the last billing to cliente con June 21, 2021. Mr Puteria bridal senderad kepal en worth $75.000 Many wed to make any legale = four month. The wrance payments are credited to the Lord Rame Fees During June 2001. 525.000 of these chances a camed by the practices entry in the second has yet been made to reflect the Office applies en tand tune 30, 2021 mounted 0732 5. Mr Panap mou pay 53.000 of the bank loan within the set you The office equipment and met vehicle were in the income of the past the July 1.300 54.000 and $350,000 respondy. The office te velice have time comic lives of five years reply to be deprecated on the straight-line basis 7. Innumee Expense trading at June 30, 2021 mented to 51.950 Rent paid in breast June 30, 221 cunted to PART B On July 1, 2020, Vince Partap, an attorney-at-law, opened his own legal practice known as "VP Chambers." The following trial balance was prepared as at June 30, 2021, after one year (12 months) of operations: VP CHAMBERS TRIAL BALANCE AS AT JUNE 30, 2021 Debit $ Credit $ 480,000 126,400 1,650 350.000 54,000 48,000 200 Cash Accounts Receivable Office Supplies Motor Vehicle Office Equipment Accounts Payable Utilities Payable Unearned Retainer Fees Loan Payable Vince Partap, Capital July 01, 2020 Vince Partap, Drawings Legal Fees earned Computer Service Expense Wages Expense Utilities Expense Insurance Expense Rent Expense Miscellaneous Expense 26,500 243,400 374,950 12,000 655,500 13,600 155,000 17,750 21,450 104,000 12.700 $1,348,550 $1,348,550 Additional Information: 1. As of June 30, 2021 accrued interest on the loan amounted to $2,700, while accrued wages totalled $6,800. 2. Since the last billing to clients on June 21, 2021, Mr Partap got a brief and rendered legal services worth $75,000. 3. Many clients are asked to make an advance payment for the legal services to be rendered in future months. The advance payments are credited to the Unearned Retainer Fees account. During June 2021, $25,000 of these advances was earned by the practice but no entry in the records has yet been made to reflect this. 4. Office supplies on hand at June 30, 2021 amounted to $720. 5. Mr Partap must pay $53,400 of the bank loan within the next year. 6. The office equipment and motor vehicle were acquired at the inception of the practice on the July 1, 2020 in the sums of $54,000 and $350,000 respectively. The office equipment and motor vehicle have estimated economic lives of five years and four years respectively and are to be depreciated on the straight-line basis. 7. Insurance Expense outstanding as at June 30, 2021 amounted to $1,950. 8. Rent paid in advance as at June 30, 2021 amounted to $8,000. (a) REQUIRED: Prepare the adjusting entries to record the additional information as at June 30, 2021 in general journal form and post these entries to the relevant accounts in the ledger. (b) Prepare the adjusted trial balance as at June 30, 2021 Prepare the income statement for the year ended June 30, 2021, as well as the Statement of Owner's Equity and Statement of Financial Position (Balance Sheet) as at June 30, 2021