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Question 2.(20 marks) The adjusted trial balance of Leo Company for the year ended 30 June 2020 is as follows: Leo Company Adjusted Trial Balance

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Question 2.(20 marks) The adjusted trial balance of Leo Company for the year ended 30 June 2020 is as follows: Leo Company Adjusted Trial Balance 30 June 2020 Cash 84,000 Accounts receivable 363.080 Prepaid insurance 10.000 Office supplies 880 Office machinery 198,400 Accumulated depreciation - Office machinery 41,040 Accounts payable 145,600 Wages and salaries payable 10,800 Unearned revenue 8,000 Long-term note payable 40,000 Share capital 160,000 Retained earnings 145,480 Dividends 4,000 Revenue earned 2,170,000 Depreciation expense - Office machinery 8,640 Advertising and promotion expense 60,000 Insurance expense 17,200 Office supplies expense 1,920 Repairs expense 114,000

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