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The unadjusted trial balance for Gnome Depot as of June 30, 2021 is as follows: Credit 13,450 5,900 Gnome Depot Unadjusted Trial Balance For the
The unadjusted trial balance for Gnome Depot as of June 30, 2021 is as follows: Credit 13,450 5,900 Gnome Depot Unadjusted Trial Balance For the Year Ended June 30, 2021 No. Account Debit 101 Cash 6,250 125 Supplies 7,500 129 Prepaid insurance 5,200 165 Equipment 67,250 166 Accumulated depreciation, equipment 202 Accounts payable 204 Interest payable Wages payable 250 Long-term notes payable 301 Jerome Roam, capital 302 Jerome Roam, withdrawals 4,350 401 Gnome Sales 606 Depreciation expense, equipment -0- 624 Wages expense 29,500 634 Interest expense 1,250 638 Insurance expense 641 Rent expense 23,400 653 Supplies expense 684 Legal expense 3,250 685 Repairs expense 3,350 691 Utilities expense 6,300 Totals 157,600 36,250 23,500 78,500 157,600 Based on your review of the financial records, you have determined the following information: a) Inventory of supplies at end of year bi Cost of expired insurance for the year c) Annual depreciation on equipment d) June utilities bill received after June 30 e) Accrued wages f) Unrecorded, unpaid interest for June Other information: Owner investments during the year Portion of note payable due by August 30, 2020 $ 5,500 $ 4,325 $ 6,725 $ 425 $ 1,350 $ 125 $ 16,500 $ 2,500 Required: 1. Prepare the adjusting journal entries (19 marks) 2. Prepare an adjusted Trial Balance (21 marks) 3. Prepare the dosing entries (20 marks) Prepare Gnome Depot's Income Statement for the year ended June 30, 2021 (30 marlos) Bonus: Prepare the Balance Sheet at June 30, 2021 (10 bonus marks) B. Prepare the Statement of Changes in Equity for the year ended June 30, 2021 (5 bonus marks)
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