The following information has been extracted from the general ledger of Susan's Caf as at 30 June
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Question:
The following information has been extracted from the general ledger of Susan's Caf as at 30 June 2016.
Additional information
End of period adjustments required are:
- Inventory on hand $40,050
- Insurance prepaid $210
- Interest on loan accrued $1,500
- Depreciation to be provided on Plant and Equipment $4,222
Required:
- Adjusting general journal entries and closing entries
- Income Statement
Transcribed Image Text:
Capital 01/07/15 Drawings Bank Inventory 01/07/15 $ 80,000 31,200 22,628 36,000 Accounts Receivable 25,822 GST Paid 2,600 Allowance for Doubtful Debts 800 Prepaid Expenses 1,230 Plant & Equipment 42,220 Accumulated Depreciation - Plant & Equipment 8,440 Accounts Payable 5,440 GST Collected 3,200 Loan (due 30 June 2019) 30,000 Sales (net) 216,292 Purchases (net) 99,726 Advertising 3,560 Distribution Expenses 16,312 Insurance 2,600 Salaries & Wages 31,820 Telephone & Electricity 4,654 Rent 20,800 Loan Interest expense 3,000 Capital 01/07/15 Drawings Bank Inventory 01/07/15 $ 80,000 31,200 22,628 36,000 Accounts Receivable 25,822 GST Paid 2,600 Allowance for Doubtful Debts 800 Prepaid Expenses 1,230 Plant & Equipment 42,220 Accumulated Depreciation - Plant & Equipment 8,440 Accounts Payable 5,440 GST Collected 3,200 Loan (due 30 June 2019) 30,000 Sales (net) 216,292 Purchases (net) 99,726 Advertising 3,560 Distribution Expenses 16,312 Insurance 2,600 Salaries & Wages 31,820 Telephone & Electricity 4,654 Rent 20,800 Loan Interest expense 3,000
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