Question

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

Required: Prepare a 10-column worksheet for the year ended 30 June 2020. (5 marks) Prepare an income statement. a statement of changes in equity and a balance sheet. (7 marks) Journalise and post the closing entries. (4 marks) Prepare a post-closing trial balance.(2 marks) (a) (b) (C) (d) ELITE EDUCATION CONSULTATION Post-Closing Trial Balance as at 30 June 2019 Account Account no. Debit Credit Cash at bank 100 $ 14 800 Accounts receivable 101 9 440 Rent paid in advance 102 1 220 Office supplies 106 1 320 28 720 Accumulated depreciation- office furniture 111 $ 9 720 Accounts payable 200 5 440 Salaries payable 201 420 Ted, Capital 300 39 920 $55 500 $55 500