Question
Question The post-closing trial balance at 30 June 2019 of Elite Education Consultation is shown below. ELITE EDUCATION CONSULTATION Post-Closing Trial Balance as at 30
Question
The post-closing trial balance at 30 June 2019 of Elite Education Consultation is shown below.
ELITE EDUCATION CONSULTATION 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.office supplies on hand at the end of the year is $760.
11.Depreciation on the office furniture is $4600.
12.Salaries earned but not paid is $1180.
13.Rent paid in advance in transaction 3. Rent for 6 months of $7290 was paid in advance on 1 August and 1 February.
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