Question 3 The following unadjusted trial balance exists for "Mumbai's Pty Ltd as at 30 June 2020. Credit $ Debit $ 41,520 11,890 152.000 24,400 800,000 64,000 38,500 49.500 Bank Stock office supplies (1 July, 2019) Office equipment Accumulated depreciation, office equipment Building Accumulated depreciation, Building Accounts payable Accounts receivable Fees revenue Unearned Rent revenue Prepaid Advertising Administrative expenses Salaries Internet service provider Interest expense Loan (due 1 Sept 2025) Share Capital Dividends 880,600 16,000 25,000 30,000 390,000 2,000 27,000 200,000 345.410 40,000 $1,568,910 $1,568,910 Adjustments: Salaries are $1,000 per day. Two days' pay is owing at balance day. Depreciation on Building is 2% pa, on a straight-line basis. Depreciation of office equipment is 10% of the office equipment's cost. On 1 January, 2020the businessrented part of its premises to T. Light for 12 months and received a cheque for $16,000 representing the whole year's rental. Office supplies of $1,500 were on hand at the end of the period. $2,000 of the Prepaid Advertising will be used in July 2020 $6,000 is owing for the Telephone Expense. Required: a) Prepare general journal entries (narrations are not required) for the balance day adjustments. Click or tap here to enter text. Page 5 of 13 Semester 1 (2005/7), 2020 BUACC5930 Accounting Concepts and Practices L b) Prepare an Income Statement for the year ended 30 June 2020. Click or tap here to enter text. (7 + 9 = 16 marks)