Questions:

1. Prepare the necessary adjusting journal entries on June 30, 2022.

[Narrations are not required]

2. Prepare the Adjusted Trial balance at June 30, 2022.

3. Prepare the companys multiple-step income statement for the period ending June

30, 2022

4. Prepare the companys statement of owners equity at June 30, 2022

5. Prepare the companys classified balance sheet at June 30, 2022

10:02 (2) 6m ,ill ,ill 68% ACCT1002 - Intreduction to finarsial Acounting Acsignment A ? Psee [ 3 The follewing additional information is available at June 30 , enoa: (i) Store Supplies on hand at Jove 30,2022 amounted to 398,400 , (ii) Lnsurance of $115,500 was paid on May 1, 2022. for 7-rronths to November 2022 (iii) Rent was prepaid an April 1, 2022, fer 5 -months to August 2022 (iv) The fumiture and fixtures have an estimated useful life of 5 years and is heing depreciated on the straight-libe method down to a residual value of S10,000. (v) The mosor truck was acquired on March 31,2022 , and is being depecciared over 10 years on the doubie-declining balance meihod of depreciation, down to a residue of $1,5,(000) (vi) Salaries earned by employees not yet paid amounted to $48,000 at June 30,2022. (vii) Accrued interest expense as at June 30,222,545,000. (viii) On June 30,2022,599,000 af the presinusly unearned sales nevenue had heen earned. (ix) The aging ot uhe Accounts Receivable schedule at Juse 30,2022 indicated hat the Allowwince for Pad Dehrs should be $70,000. (x) After making all other adjustmeats, a physical count of inveatory was done, which reveals that there wis $1,100,000 worth of inventory an hand at June 30,2022 Other data: (xi) The busibess is expected to make pritcipal payments tocalling $250,000 towards the loin during the fixcal year to June 70,2027