Question 2 (40 marks) The following Trial Balance was extracted from the records of John Franklin, a retailer. fo the year ended 30h June 2020. The business uses the Periodic System of recording inventory. You are required to: a) Prepare General Journal entries to record b) Prepa c) Prepare a post-closing Trial Balance as at 30th June 2020 the balance day adjustments as at 30 ral Journal entries to close the relevant ledgers on 30h June 2020 June 2020 and post to the General Ledger, and post to the General Ledger. John Franklin Trial Balance as at 30th June 2020. Account Name ra Asset -Exp Accumulated Depreciation - equipment Assefo EAccumulated depreciation -motor vehicle 2.160 7,000 3,000 ExP Allowance for doubtful debts 100 130,695 31,600 400 4500 4,500 Re Sales CR OE Capital- John Franklin A Cash at bank L Accounts Payable Control | Accounts Receivable Control 9,000 5,400 32,200 -OF Drawings -John Franklin Equipment at cost L GST Collected 3,560 A | GST Paid 2,165 11,500 A Residential Rent Received L Loan to Martha Stewart A Motor Vehicle-at cost 10,000 22,000 500 Provision for Annual Leave 54,000 2,600 1,450 5,000 6,400 30,000 Inventovy Purchases of inventory | Insurance Ex P Repairs and maintenance- equipment in ventory Stock of inventory (1 July 2019) E Office expenses Exp Wages 191,615 191,615 Question 2 (40 marks) The following Trial Balance was extracted from the records of John Franklin, a retailer. fo the year ended 30h June 2020. The business uses the Periodic System of recording inventory. You are required to: a) Prepare General Journal entries to record b) Prepa c) Prepare a post-closing Trial Balance as at 30th June 2020 the balance day adjustments as at 30 ral Journal entries to close the relevant ledgers on 30h June 2020 June 2020 and post to the General Ledger, and post to the General Ledger. John Franklin Trial Balance as at 30th June 2020. Account Name ra Asset -Exp Accumulated Depreciation - equipment Assefo EAccumulated depreciation -motor vehicle 2.160 7,000 3,000 ExP Allowance for doubtful debts 100 130,695 31,600 400 4500 4,500 Re Sales CR OE Capital- John Franklin A Cash at bank L Accounts Payable Control | Accounts Receivable Control 9,000 5,400 32,200 -OF Drawings -John Franklin Equipment at cost L GST Collected 3,560 A | GST Paid 2,165 11,500 A Residential Rent Received L Loan to Martha Stewart A Motor Vehicle-at cost 10,000 22,000 500 Provision for Annual Leave 54,000 2,600 1,450 5,000 6,400 30,000 Inventovy Purchases of inventory | Insurance Ex P Repairs and maintenance- equipment in ventory Stock of inventory (1 July 2019) E Office expenses Exp Wages 191,615 191,615
