Question 4 (14 marks) Joe Surfer began operating Hawaii Surfboards on 1 July 2019. At year ended 30 June 2020 the unadjusted account balances of Hawaii Surfboards are as follows: Hawaii Surfboards Trial Balance As at 30 June 2020 Cash at Bank Debit $ $64 000 Credit $ Account Receivable 51 000 Prepaid Insurance 30 000 Surfing Supplies 20 000 Surfing Equipment 45 000 Unearned Surfing Revenue $55 000 Salaries Expense 45 000 Surfing Revenue 96 000 J. Surfer, Capital 104 000 TOTAL $255 000 $255 000 Additional information: 1. Prepaid insurance represents a one-year premium paid on 1 April. 2. Surfing Supplies on hand at the end of the year amounted to $3 500. 3. Surfing Equipment is expected to last 3 years with no residual value. The equipment was purchased on 1 June 2020. 4. Accrued salaries for the business at 30 June totalled $12 500. 5. The amount of surfing revenue received in advance that remains unearned at 30 June is $29 000.