Question
The unadjusted trial balance of Coppers Hire Cars is shown below (ignore GST). The firm prepares financial statements at the end of each month. Coppers
The unadjusted trial balance of Coppers Hire Cars is shown below (ignore GST). The firm prepares financial statements at the end of each month. Coppers Hire Cars Unadjusted Trial Balance As at 30 June 2019 Account Debit Credit Cash at bank 20,350 Accounts receivable 32,150 Office supplies 1,600 Prepaid insurance 6,750 Hire cars 234,000 Accumulated depreciation - hire cars 98,500 Accounts payable 27,000 Unearned hire fees 5,650 H. S. Capital 170,850 H. S. Drawings 51,500 Hire fees revenue 246,750 Insurance expense 20,450 Wages expense 126,550 Advertising expense 9,700 Maintenance expense 19,000 Fuel and oil expense 26,700 Total $ 548,750 $ 548,750
Additional information: Petrol of $1305 used during the last week in June has not been paid for or recorded. A physical count showed office supplies totalling $540 are still on hand at 30 June. The $6750 prepaid insurance that covers the next 9 months (starting from 1 June) was purchased on 1 June. For the $5,650 unearned hire fees, 20% has been earned in June. The annual depreciation rate for hire cars is 10% of the cost of the asset.
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