Question
Startup Autos provided the following post-adjustment Trial Balance as at 30 June 2017: Startup Autos Post Adjustment Trial Balance as at 30 June 2017 Bank
Startup Autos provided the following post-adjustment Trial Balance as at 30 June 2017:
Startup Autos Post Adjustment Trial Balance as at 30 June 2017
Bank 7000
Accounts receivable 12000
Motor vehicle 25000
Accumulated depreciation on Motor vehicle 8000
Equipment 8000
Accounts payable 20000
GST payable 10000
Capital 11000
Drawings 16000
Service revenue 150000
Commission Revenue 5000
Purchases - supplies 82000
Telephone and Internet 7000
Office expenses 12000
Wages 35000
Final Total 204000 204000
Required:
(a) Prepare journal entries to close the general ledger accounts of Startup Autos
(b) Prepare the Profit and Loss and the Capital accounts (using the ledger)
(c) Prepare a post closing Trial Balance
Im having alittle trouble understanding how to complete the above, is anyone able to help?
thanks
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