Required: Complete the following worksheet for Appliance Repair for the year ended 30 June 2020. (15 marks)

Additional information to complete the worksheet:

1. The equipment of $67,500 was purchased on 1 March 2020. The straight-line depreciation method is used with a useful life of 3 years and a scrap value of $2,700. No depreciation is ever recorded.
2. The $75,000 bank loan was borrowed on 1 May 2020. It is an interest only loan. The interest rate is 0.8% per month. No interest is ever paid or recorded.
3. The supplies on hand at 30 June 2020 were $650.
4. The prepaid insurance balance represents the annual premium paid on 1 April 2020.
5. $2,500 of unearned revenue has been earned by 30 June 2020.

Appliance Repair Worksheet For the year ended 30 June 2020
	Trial Balance (Unadjusted)		Adjustments		Trial Balance (Adjusted)		Income Statement		Balance Sheet
Account title	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash at bank	37,500
Accounts receivable	127,500
Prepaid insurance	1,800
Supplies	900
Equipment	67,500
Accumulated depreciation-Equipment
Accounts payable		2,700
Unearned revenue		3,150

Interest payable
Bank loan (due in 2028)		75,000
Capital		49,950
Service revenue		157,500
Wages expense	52,500
Supplies expense	600
Depreciation expense Equipment
Insurance expense
Interest expense
	288,300	288,300