Onestion 1: 150 marks: Sainsbury restore is ning see the business and closes its own the Dee . Additional information: The mounted The new The Selling Red 1. Prepare the justing Entries 2. Prepare an Austed Trail Blanse: 31 December 2018 Vse the Excel sheet provided 3. Prepare a Classified Income Statement for the year ended December 2018 4. Prepare a Statement Chair heyranded 31 December 2018 5. Prepare a Classified Statement of Financial Positions December 2018 Sainsbury retail store is maintaining its accounts on a calendar year basis. The business adjusts and closes its accounts at the end of the year. At December 31, 2018 the following balances appeared in the unadjusted trial balance: Prepaid insurance 10,800 Uneamed Sales revenue 20,000 Office Buildings 168,000 Accumulated depreciation, Office Buildings 13,100 Land 36,000 Accounts receivable 54,150 Salaries expense 18,000 Trading investments 3750 Interest expense 6000 16,000 40,000 Notes payable (Long Term) Accounts payable Trademarks Non-Trading Investments 120,000 25,000 Cost of Goods Sold 60,000 Interest Revenue 18,000 Dividends 4000 320,000 Share Capital Advertising expense 4000 Cash 22,000 12,000 Selling Equipments Accumulated depreciation, Seling Equipments Notes receivable 5600 20,000 7000 Office Supplies Rent expense 2000 Sales 150,000 Salesmen Salaries expense 5000 Utilities expense 5000 Retained Earnings 10,000 Merchandise Inventory 10,000 Page 2 of 5 Additional Information: 1. The amount in the prepaid insurance represents a 5 year insurance policy that started 1 December 2018 2. An inventory of Office supplies at 31 December, 2018 revealed that office supplies on hand amounted to $7000 3. The Office Building has an estimated useful life of 20 years, residus value $10,000 and depreciation is calculated using the wraight line method 4. The Selling Equipments has an estimated usele of 8 years residual value $10.000 and depreciation is calculated using the double Declining balance method 5. The 20000 credited to the uneared Sales revenue in the nated trial balance represent advance payment for a 4 year service contract that started 1 October 2018 6. Accrued Salesmen Salaries at the end of the year, 51000 7. Estimated Income taxes for the year, $ 5000 Required 1. Prepare the adjusting Entries 2. Prepare an Adjustest Trial Balance at 31 December 2018 Use the Excel sheet provided 3. Prepare a Classified Income Statement for the year ended 31 December 2018 4. Prepare a Statement of Changes in Equity for the year ended 31 December 2018 5. Prepare a Classified Statement of Financial Position as at 31 December 2018 Onestion 1: 150 marks: Sainsbury restore is ning see the business and closes its own the Dee . Additional information: The mounted The new The Selling Red 1. Prepare the justing Entries 2. Prepare an Austed Trail Blanse: 31 December 2018 Vse the Excel sheet provided 3. Prepare a Classified Income Statement for the year ended December 2018 4. Prepare a Statement Chair heyranded 31 December 2018 5. Prepare a Classified Statement of Financial Positions December 2018 Sainsbury retail store is maintaining its accounts on a calendar year basis. The business adjusts and closes its accounts at the end of the year. At December 31, 2018 the following balances appeared in the unadjusted trial balance: Prepaid insurance 10,800 Uneamed Sales revenue 20,000 Office Buildings 168,000 Accumulated depreciation, Office Buildings 13,100 Land 36,000 Accounts receivable 54,150 Salaries expense 18,000 Trading investments 3750 Interest expense 6000 16,000 40,000 Notes payable (Long Term) Accounts payable Trademarks Non-Trading Investments 120,000 25,000 Cost of Goods Sold 60,000 Interest Revenue 18,000 Dividends 4000 320,000 Share Capital Advertising expense 4000 Cash 22,000 12,000 Selling Equipments Accumulated depreciation, Seling Equipments Notes receivable 5600 20,000 7000 Office Supplies Rent expense 2000 Sales 150,000 Salesmen Salaries expense 5000 Utilities expense 5000 Retained Earnings 10,000 Merchandise Inventory 10,000 Page 2 of 5 Additional Information: 1. The amount in the prepaid insurance represents a 5 year insurance policy that started 1 December 2018 2. An inventory of Office supplies at 31 December, 2018 revealed that office supplies on hand amounted to $7000 3. The Office Building has an estimated useful life of 20 years, residus value $10,000 and depreciation is calculated using the wraight line method 4. The Selling Equipments has an estimated usele of 8 years residual value $10.000 and depreciation is calculated using the double Declining balance method 5. The 20000 credited to the uneared Sales revenue in the nated trial balance represent advance payment for a 4 year service contract that started 1 October 2018 6. Accrued Salesmen Salaries at the end of the year, 51000 7. Estimated Income taxes for the year, $ 5000 Required 1. Prepare the adjusting Entries 2. Prepare an Adjustest Trial Balance at 31 December 2018 Use the Excel sheet provided 3. Prepare a Classified Income Statement for the year ended 31 December 2018 4. Prepare a Statement of Changes in Equity for the year ended 31 December 2018 5. Prepare a Classified Statement of Financial Position as at 31 December 2018