Ronald Smith sells computers. The name of the business is Delta Computer. The unadjusted and adjusted trial balances of Delta Computer are given below:

Delta Computer

June 30 2019

	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance
Account Name	Dr	Cr	Dr	Cr	Dr	Cr
Cash at Bank	39,000				39,000
Accounts Receivable	10,000				10,000
Inventory	19,600				19,600
Office Supplies	3,200				1,280
Motor Vehicle	20,000				20,000
Accumulated Depreciation MV		6,000				8,000
Accounts Payable		1,050				1,050
Bank Loan		45,000				45,000
Ronald Smith, Capital		29,500				29,500
Ronald Smith, Drawings	6,000				6,000
Sales Revenue		60,950				59,650
Sales Returns and Allowances	2,900				2,900
Purchases	24,500				24,500
Purchase Returns and Allowances		2,500				2,500
Salaries Expense	12,000				12,000
Rent Expense	6,000				6,000
Interest Expense	1,800				2,700
Unearned Revenue						1,300
Interest Payable						900
Office Supplies Expense					1,920
Depreciation Expense					2,000
Total	145,000	145,000			147,900	147,900
			2.5 (marks)	2.5 (marks)

The end of year stock take show an inventory balance of $11,320 (closing inventory) at 30th June 2019.

Requirements:

1. Complete the adjustment columns of the worksheet.
2. Which inventory system (perpetual or periodic) does Delta Computer follow?
3. Adjusting Entries (8 marks for entries and 1 mark for date)
4. Closing Entries (17 marks for entries and 1 mark for date)
5. Income Statement (18 for completing income statement and 2 marks for date)