Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

The adjusted trial balance shown below is for Kane Auto Parts at the end of its reporting period 30 June 2020. Adjusted Trial Balance Account

image text in transcribedimage text in transcribed

The adjusted trial balance shown below is for Kane Auto Parts at the end of its reporting period 30 June 2020. Adjusted Trial Balance Account Name Debit $ Credit $ Cash at Bank 109 500 Accounts Receivable 70 000 Prepaid Rent 15 000 Plant 310 000 Accumulated. Depreciation 155 000 Plant Accounts Payable 55 000 Wages Payable 25 000 Unearned Sales Revenue 12 000 Capital 280 000 Sales Revenue 285 000 Drawings - Kane 2500 Wages Expense 205 000 Telephone Expense 25 000 Rent Expense 40 000 Depreciation Expense 35 000 Totals 812 000 812 000 Required a) Prepare the required closing entries for Kane Auto Parts for the year ended 30 June 2020. Narrations are required. (13 Marks) b) Prepare Kane's Capital account using the T-account provided below. (2 Marks) (Total 15 Marks) Kane, Capital Amount ($) Date Date Explanation Explanation Amount ($)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: David Spiceland

11th Edition

9781264134526

Students also viewed these Accounting questions