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Page | 7 The following additional information is available at June 3 0 , 2 0 2 2 : ( i ) Store Supplies on
Page The following additional information is available at June : i Store Supplies on hand at June amounted to $ ii Insurance of $ was paid on April for months to November iii Rent was prepaid on March for months to September iv The furniture and fixtures have an estimated useful life of years and is being depreciated on the straightline method down to a residual value of $ v The motor truck was acquired on May and is being depreciated over years on the doubledeclining balance method of depreciation, down to a residue of $ vi Salaries earned by employees not yet paid amounted to $ at June vii Accrued interest expense as of June $ viii On June $ of the previously unearned sales revenue had been earned. ix The aging of the Accounts Receivable schedule at June indicated that the Allowance for Bad Debts should be $ x After making all other adjustments, a physical count of inventory was done, which reveals that there was $ worth of inventory on hand at June Other data: xi The business is expected to make principal payments totalling $ towards the loan during the fiscal year to June Required:a Prepare the necessary adjusting journal entries on June Narrations are not requiredb Prepare the Adjusted Trial balance at June c Prepare the companys multiplestep income statement for the period ending June d Prepare the companys statement of owners equity at June e Prepare the companys classified balance sheet at June
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The following additional information is available at June :
i Store Supplies on hand at June amounted to $
ii Insurance of $ was paid on April for months to November
iii Rent was prepaid on March for months to September
iv The furniture and fixtures have an estimated useful life of years and is being
depreciated on the straightline method down to a residual value of $
v The motor truck was acquired on May and is being depreciated
over years on the doubledeclining balance method of depreciation, down to
a residue of $
vi Salaries earned by employees not yet paid amounted to $ at June
vii Accrued interest expense as of June $
viii On June $ of the previously unearned sales revenue had been earned.
ix The aging of the Accounts Receivable schedule at June indicated that the
Allowance for Bad Debts should be $
x After making all other adjustments, a physical count of inventory was done, which
reveals that there was $ worth of inventory on hand at June
Other data:
xi The business is expected to make principal payments totalling $ towards the
loan during the fiscal year to June
Required:a Prepare the necessary adjusting journal entries on June Narrations are not requiredb Prepare the Adjusted Trial balance at June c Prepare the companys multiplestep income statement for the period ending June d Prepare the companys statement of owners equity at June e Prepare the companys classified balance sheet at June
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