Task overview Purpose To use accounting software (Excel) to complete transactions to produce financial reports. Task description Consider the information provided for Peak Financial Services and use Excel to: 1. Record the journal entries for June transactions. Include narrations. 2. Record adjusting entries for the end of June. Include narrations. 3. Construct the "T" formatted ledger accounts. 4. Prepare the profit and loss statement for the year ended 30 June 2020. 5. Prepare the classified narrative formatted balance sheet as at 30 June 2020. You must use formula to construct the leger accounts, profit and loss statement, and balance sheet. Use excel to answer the assignment requirements. The excel sheets must be linked to each other. You CANNOT just enter the data into the financial statements. You must enter the data once and link the excel sheets to produce the financial reports. Peak Financial Services Unadjusted Trial Balance as at 31st May 2020 Account Dr Cr Cash at bank 88,300 - Accounts receivable 48,300 - GST receivable 4,380 - Prepaid rent 9,000 - Prepaid insurance 8,000 - Office supplies 4,700 - Office equipment 92,400 - Accumulated depreciation - office equipment - 25,000 Accounts payable - 26,800 Unearned fees - 12,200 Loan payable - due 31 December 2019 - 25,000 GST payable - 5,980 Capital (A, Peak) - 32,000 Drawings (A, Peak) 12,500 - Fees revenue - 213,700 Gas expense 750 - Fuel expense 6,400 - Rent expense 30,000 - Salaries expense 32,800 - Phone and internet expense 3,150 - Totals 340,680 340,680 ACC5000 - Assignment 2 - Financial transactions/report in Excel Page 2 of 5 June transactions: Date Transaction Amount 1/06/2020 Cash receipts from customers for moneys owed $19,800 2/06/2020 Purchased a work van paying a 20% cash deposit and taking out a 4- year 6% loan to cover the balance. $67,100 5/06/2020 Purchased office supplies on credit, due 15 July $2,200 9/06/2020 Received a cash deposit upfront from a customer for financial advisory work to be completed during July 2020 $4,730 12/06/2020 Cash receipts from customers for moneys owed $22185 15/06/2020 Paid all outstanding accounts payable from previous month 22/06/2020 Received gas bill $330 24/06/2020 Paid June salaries to this date $2,400 26/06/2020 Received and paid mobile phone and internet bill for month of June $374 28/06/2020 Settled previous month GST with ATO 29/06/2020 Cash receipts from customers for moneys owed $3,250 30/06/2020 Record all June Sales on credit $21,340 30/06/2020 Received bank interest $230 30/06/2020 One customer was declared bankrupt during June. Their debt is judged to be non-recoverable (a bad debt). $2,310 Additional Information: All sales are credit sales (30 days). Unless stated all amounts are GST inclusive or GST exempt. Interest expense of $227 has accrued in June on the loans payable. A physical count of office supplies on 30 June shows $2400 of unused supplies on hand. Depreciation of the office equipment this year is estimated to be $9,400. Depreciation of the motor vehicle will be determined using the straight line method. The business estimates the useful life of the van to be 5 years, and the residual value to be $16,000. Based on these values, the business estimates annual depreciation on the van to be $9,000 per year. Prepaid insurance was paid on the 1st of April 2020 and covered a period of 6 months. Prepaid rent balance as at 1 July 2020 should be $2,800. Of the unearned fees balance as at 31st May, 60% were refunded to a customer as the business was unable to complete the work prior to 30 June as previously agreed, the remainder of the unearned fees were earned during June. Salaries expense accrued for the last week in June amounts to $2,800. Ignore PAYG related to salaries. The fuel expense for June of approximately $800 has not been recorded or paid. At the end of the month A, Peak withdrew $4,500 for his own use.