Question The post closing trial balance at 30 June 2019 of Elite Education Consultation is shown below Post Closing Trial Balance as at 30 June 2019 Account Account No Debit Credit Cash at bank 100 $14800 (Debit) Accounts receivable 101 $9449 (Debit) Rent paid in advance 102 $1220 (Debit) Office supplies 106 $1320 Accumulated depreciation office furniture 111 $9720 (Credit) Accounts payable 200 $5440 (Credit) Salaries payable 201 $420 (Cedit) Ted, Capital 300 3992 (Credit) TOTAL $55,500 (Debit) TOTAL $55, 500 (Credit) Transactions completed during the year ended 30 June 2020 are summarised below $82 060 was collected in accounts receivable Consulting fees of $88 150 were receivable during the year Rent paid in advance was $14 580 Office supplies were purchased for $380 in cash and $420 on credit Ted withdrew $25 000 for private use Wages expense for $31 940, of which $420 was for salaries accrued to the end of the year ending 30 June 2020 Advertising expense was $3360 on credit Electricity expense of $3600 was paid by cash Accounts payable of $2880 were paid by cash The following additional information should be considered for adjusting entries 10 11 12 13 office supplies on hand at the end of the year is $760 Depreciation on the office furniture is $4600 Salaries earned but not paid is $1180 Rent paid in advance in transaction 3 Rent for 6 months of $7290 was paid in advance on 1 August and 1 February Required (a) Prepare a 10 column worksheet for the year ended 30 June 2020 (5 marks) (b) Prepare an income statement, a statement of changes in equity and a balance sheet (7 marks) (0) Journalise and post the closing entries (4 marks) (d) Prepare a post closing trial balance (2 marks)

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 23, 2024

Question The post-closing trial balance at 30 June 2019 of Elite Education Consultation is shown below. Post-Closing Trial Balance as at 30 June 2019: Account

Question

The post-closing trial balance at 30 June 2019 of Elite Education Consultation is shown below.

Post-Closing Trial Balance as at 30 June 2019:

Account - Account No - Debit - Credit

Cash at bank - 100 - $14800 (Debit) -

Accounts receivable - 101 - $9449 (Debit)-

Rent paid in advance - 102 - $1220 (Debit)-

Office supplies - 106 - $1320 -

Accumulated depreciation- office furniture - 111 - $9720 (Credit)

Accounts payable - 200 - $5440 (Credit)

Salaries payable - 201 - $420 (Cedit)

Ted, Capital - 300 - 3992 (Credit)

TOTAL - $55,500 (Debit)

TOTAL - $55, 500 (Credit)

Transactions completed during the year ended 30 June 2020 are summarised below.

$82 060 was collected in accounts receivable
Consulting fees of $88 150 were receivable during the year.
Rent paid in advance was $14 580.
Office supplies were purchased for $380 in cash and $420 on credit.
Ted withdrew $25 000 for private use.
Wages expense for $31 940, of which $420 was for salaries accrued to the end of the year
ending 30 June 2020.
Advertising expense was $3360 on credit.
Electricity expense of $3600 was paid by cash.
Accounts payable of $2880 were paid by cash

The following additional information should be considered for adjusting entries.

10. 11. 12. 13.

office supplies on hand at the end of the year is $760.

Depreciation on the office furniture is $4600.

Salaries earned but not paid is $1180.

Rent paid in advance in transaction 3. Rent for 6 months of $7290 was paid in advance on 1

August and 1 February.

Required: (a) Prepare a 10-column worksheet for the year ended 30 June 2020. (5 marks) (b) Prepare an income statement, a statement of changes in equity and a balance sheet. (7 marks) (0) Journalise and post the closing entries. (4 marks) (d) Prepare a post-closing trial balance.(2 marks)