P3.18 Prepare journal entries, an income statement for the year ended 30 June 2022 and a balance sheet as at 30 June 2022. Correction to question: 8. wages paid $22,000 (reduce the wages payable). PROBLEM 3.18 Prepare journal entries Assets DRAGONS LTD BALANCE SHEET AS AT 30 JUNE 2021 $ Liabilities and shareholders' equity Current liabilities Current assets Cash 14 000 Accounts payable Accounts receivable Inventory 36 000 Tax payable 42 000 Shareholders' equity Share capital Retained profits 92 000 $ 12 000 6 000 40 000 34 000 92 000 During the year ended 30 June 2022, the following information was recorded in the company's accounts: 1 Credit sales, $200 000. 2 Cash sales, $6000. 3 Collections from customers, $150 000. 4 Purchases of inventory on credit, $70 000. 5 Payments of accounts payable, $50 000. 6 Cost of goods sold, $80 000. 7 Wages expense, $90 000, not yet paid. 8 Wages paid, $22 000. 9 Paid tax payable, $6000. 10 Cash dividends of $20 000, declared and paid.