Required to prepare the following for the above company:

1.Complete a 10-columns worksheet:

-adjusting and adjusted trial balance columns.

-income statement column in the worksheet and a separate proper income statement for the year ended 30 June 2020

-Balance sheet column in the worksheet and a separate balance sheet statement for the year ended 30 June 2020.

2. Closing entry

(Template for the 10- Column worksheet):

$ 200 Part A Midnight Sun Inc. is an Australian hospitality business which was founded in 2015 and has grown exponentially into a major brand in the industry. As a professional accountant, you have been tasked to prepare its end of the year reports using the following information. The unadjusted Trial Balance at end of 30 June 2020 is as such: Midnight Sun Inc. Unadjusted Trial Balance As at 30 June 2020 Debits Credits Cash $ 16,490 Accounts Receivable $ 57,500 Inventory 110,000 Prepaid Insurance (12m) $ 15,000 Land $ 350,000 Building S 102,000 Acc. Depreciation - Building Equipment $ 50,000 Acc. Depreciation - Equipment $ 25,000 Accounts Payable $ 30,760 Salary Payable $ 8,000 Unearned Revenue $ 73,500 Capital $ 370,000 Sales Revenue $ 258,405 Cost of Sales $ 102,020 Salary Expense $ 10,600 Telephone/internet Expense $ 5,500 Transportation Expenses $ 2,055 Miscellaneous Expense $ 5,700 $ 826,865 $ 826,865 When reviewing the end of year data, you discovered the following items are missing from the recording. 1. Salary owing for this month $6,570. 2. Unearned revenue earned so far, $15,000. 3. The owner has invested additional $21,900 cash and an equipment valued at $31,100 into the business. 4. Depreciations with the rate for Building 10% and Equipment 20% straight-line. 5. Insurance purchased on 1% of December 2019 was partially consumed. Midnight Sun Inc. 10-Column worksheet As at 30 June 2020 Adjusting Entry Dr Cr Adjusted Trial Balance Dr Cr Income Statement Dr Cr Balance Sheet Dr Cr Cash Account Receivable Inventory Prepaid Insurance (12m) Land Building Acc. Dep. Building Equipment Acc. Dep - Equipment Accounts Payable Salary Payable Unearned Revenue Capital Sales Revenue Cost of Sales Salary Expense Telephone/Internet Exp. Transportation Expense Miscellaneous Expense Unadjusted Trial Balance Dr Cr $ 16,490 $ 57,500 $ 110,000 $ 15,000 $ 350,000 $ 102,000 $ 61,200 $ 50,000 $ 25,000 $ 30,760 $ 8,000 $ 73,500 $ 370,000 $ 258,405 $ 102,020 $ 10,600 $ 5,500 $ 2,055 $ 5,700 $ 826,865 $ 826,865