Required: Complete the following worksheet for Appliance Repair for the year ended 30 June 2020. (15 marks) Additional information to complete the worksheet: 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. 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. The supplies on hand at 30 June 2020 were $650. The prepaid insurance balance represents the annual premium paid on 1 April 2020. $2,500 of unearned revenue has been earned by 30 June 2020.

Appliance Repair joo Worksheet For the year ended 30 June 2020 Adjustments Income Stateme Trial Balance (Adjusted) Debit Credit Debit Credit Debit Cred Account title Cash at bank Trial Balance (Unadjusted) Debit Credit 37,500 127,500 1,800 Accounts receivable 900 67,500 Prepaid insurance Supplies Equipment Accumulated depreciation- Equipment Accounts payable 2,700 Unearned revenue 3,150 Interest payable Bank loan (due in 2028) Capital 75,000 49,950 157,500 Service revenue 52,500 Wages expense Supplies expense 600 1,800 900 67,500 Prepaid insurance Supplies Equipment Accumulated depreciation- Equipment Accounts payable 2,700 Unearned revenue 3,150 Interest payable Bank loan (due in 2028) 75,000 49,950 157,500 52,500 Capital Service revenue Wages expense Supplies expense Depreciation expense - Equipment Insurance expense 600 Interest expense 288,300 288,300