Using the information and Excel, provided for Sparks Electrical Services 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 2021.

5. Prepare the classified narrative formatted balance sheet as at 30 June 2021.

You must use excel 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.

Additional Information:

• All sales are credit sales (21 days).

• Unless stated all amounts are GST inclusive or GST exempt.

• A physical count of electrical supplies on 30th June shows $2940 of unused electrical

  supplies on hand.

• Depreciation of the electrical equipment for the year is estimated to be $14,400.

• Depreciation of the truck will be determined using the straight-line method. Sparks

  maintenance estimates the useful life of the truck to be 5 years, and the residual value to

  be $7,000.

• Prepaid Rent was paid on the 1st of May and covered a period of four months. This

  account was not adjusted at the end of May.

• 25% of prepaid insurance expired during June.

• A fuel bill for June of $1,100 has not been recorded or paid.

• Salaries expense accrued for the last week in June amounts to $2,150.

• Interest expense of $275 has accrued in June on the loans payable.

• Of the unearned fees recorded in May, 20% were refunded to a customer as Sparks

  Electrical Services was unable to complete the work prior to 30 June as previously agreed. The remainder of the unearned fees were earned during June.

Cr - Dr 72,320 48,250 4,100 12,000 9,000 7,520 116,000 - - Spark's Electrical Services Unadjusted Trial Balance as at 31st May 2021 Account Cash at bank Accounts receivable GST receivable Prepaid rent Prepaid insurance Electrical supplies Electrical Equipment Accumulated depreciation - Electrical equipment Accounts payable Unearned fees Loan payable - due 31 December 2021 GST payable Capital (1, Spark) Drawings (1, Spark) Fees revenue Electricity expense Fuel expense Rent expense Salaries expense Telephone expense Totals 64,220 31,800 19,200 23,000 5,300 115,000 21,600 148,300 3,200 10,300 18,000 78,430 6,100 406,820 406,820 Preview File Edit View Go Tools Window Help Screen Shot 2021-04-18 at 12.06.12 pm Q Search June transactions: $22,000 $93,500 $1,045 $1,540 $13,800 1/06/2021 Cash receipts from customers for moneys owed 1/06/2021 Purchased a truck paying a 40% cash deposit and taking out a 3-year 7% loan to cover the balance. 5/06/20210 Purchased electrical supplies on credit, due 15 July 2021 9/06/2021 Received a cash deposit upfront from a customer for Electrical work to be completed by the end of July 2021 12/06/2021 Cash receipts from customers for moneys owed 15/06/2021 Paid all outstanding accounts payable from previous month 22/06/2021 Received electricity bill 24/06/2021 Paid June salaries up to this date 26/06/2021 Received and paid telephone bill for month of June 28/06/2021 Settled previous month GST with ATO 29/06/2021 Cash receipts from customers for moneys owed 30/06/2021 Record all June Sales made on credit 30/06/2021 Received bank interest $682 $5,260 $363 $11,400 $68,400 $423 Cr - Dr 72,320 48,250 4,100 12,000 9,000 7,520 116,000 - - Spark's Electrical Services Unadjusted Trial Balance as at 31st May 2021 Account Cash at bank Accounts receivable GST receivable Prepaid rent Prepaid insurance Electrical supplies Electrical Equipment Accumulated depreciation - Electrical equipment Accounts payable Unearned fees Loan payable - due 31 December 2021 GST payable Capital (1, Spark) Drawings (1, Spark) Fees revenue Electricity expense Fuel expense Rent expense Salaries expense Telephone expense Totals 64,220 31,800 19,200 23,000 5,300 115,000 21,600 148,300 3,200 10,300 18,000 78,430 6,100 406,820 406,820 Preview File Edit View Go Tools Window Help Screen Shot 2021-04-18 at 12.06.12 pm Q Search June transactions: $22,000 $93,500 $1,045 $1,540 $13,800 1/06/2021 Cash receipts from customers for moneys owed 1/06/2021 Purchased a truck paying a 40% cash deposit and taking out a 3-year 7% loan to cover the balance. 5/06/20210 Purchased electrical supplies on credit, due 15 July 2021 9/06/2021 Received a cash deposit upfront from a customer for Electrical work to be completed by the end of July 2021 12/06/2021 Cash receipts from customers for moneys owed 15/06/2021 Paid all outstanding accounts payable from previous month 22/06/2021 Received electricity bill 24/06/2021 Paid June salaries up to this date 26/06/2021 Received and paid telephone bill for month of June 28/06/2021 Settled previous month GST with ATO 29/06/2021 Cash receipts from customers for moneys owed 30/06/2021 Record all June Sales made on credit 30/06/2021 Received bank interest $682 $5,260 $363 $11,400 $68,400 $423