Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer me !!! thank you !!! Required Complete the following worksheet for Magical Bookshop Pty Ltd for the year ended 30 June 2021 using
please answer me !!! thank you !!!
Required Complete the following worksheet for Magical Bookshop Pty Ltd for the year ended 30 June 2021 using the unadjusted trial balance in the worksheet and the additional information provided below. (14 marks) a. The equipment costing $520,000 was purchased on 1 January 2021. The straight-line depreciation method is used. The equipment has a useful life of 6 years and a scrap value of $40,000. No depreciation has been recorded yet. b. Services of $8,600 has been provided but not recorded yet. No cash is received yet. C. Two casual employees both worked 5 days in June 2021. The daily rate for each casual employee is $400. No wages have been recorded or paid yet. d. A stocktake shows there were supplies on hand costing $5,900. e. The prepaid Insurance balance represents the annual insurance premium paid on 1 January 2021. If you accidentally delete the answer template, you may undo the deletion using "Ctrl + Z" (for Windows) or "Command + Z" (for Mac). If that does not work, please click on this link Answer Template. You may copy and paste the answer template to the answer box A. BUT Trial Balance Adjustments (Unadjusted) Debit Credit Debit Credit Trial Balance Income Balance Sheet (Adjusted) Statement Debit Credit Debit Credit Debit Credit 346,300 58,000 12,000 32,000 520,000 Account title Cash at bank Accounts receivable Prepaid Insurance Supplies Equipment Accounts payable Unearned revenue Bank loan (due in 2025) Capital Service revenue Wages expense 75,000 38,000 120,000 580,000 162,000 6,700 975,000 975,000 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started