Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

  1. $82 060 was collected in accounts receivable
  2. Consulting fees of $88 150 were receivable during the year.
  3. Rent paid in advance was $14 580.
  4. Office supplies were purchased for $380 in cash and $420 on credit.
  5. Ted withdrew $25 000 for private use.
  6. Wages expense for $31 940, of which $420 was for salaries accrued to the end of the year ending 30 June 2020.
  7. Advertising expense was $3360 on credit.
  8. Electricity expense of $3600 was paid by cash.
  9. 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.

image text in transcribed
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)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost-Benefit Analysis For Public Sector Decision Makers

Authors: Diana Fuguitt

1st Edition

1567202225, 9781567202229

More Books

Students also viewed these Accounting questions