William Murphy opened a car service centre named "Murphy Car services" on 1 June 2022, which he operates as a sole proprietorship business. During the first month of operation, the following transactions and events have occurred. Murphy is now interested to know how well his business came out at the end of the first month of operation. Assume that you are a qualified accountant who undertake accounting assignments of your clients. Murphy has approached you and requested you to prepare the financial reports of Murphy Car services for the month ended 30 June 2022 . 1. An inventory count shows $2,000 of car services supplies on hand at 30 June 2022 . 2. Depreciation on the van and the equipment for the month was $350 and $150 respectively. 3. The insurance for the month June expired on 30 June 2022. 4. Accrued salaries at 30 June were $2,800. 5. Interest on bank loan (4.8%) is due on 1 July 2022. Required: a) Record all the transactions in the general journal. b) Post all the journal entries to the general ledger. c) Prepare the trial balance of Murphy Car services as at 30 June 2022 (unadjusted trial balance before the adjustments). d) Prepare the adjustment journal entries. e) Prepare the adjusted trial balance. f) Prepare closing journal entries: g) Prepare the income statement (based on the adjusted trial balance) of Murphy Car services for the month ended 30 June 2022. a) Record all the transactions in the general journal. b) Post all the journal entries to the general ledger. c) Prepare the trial balance of Murphy Car services as at 30 June 2022 (unadjusted trial balance before the adjustments). d) Prepare the adjustment journal entries. e) Prepare the adjusted trial balance. f) Prepare closing journal entries. g) Prepare the income statement (based on the adjusted trial balance) of Murphy Car services for the month ended 30 June 2022. h) Prepare the statement of changes in equity of Murphy Car services for the month ended 30 June 2022. i) Prepare the balance sheet of Murphy Car services as at 30 June 2022. j) William Murphy is now interested to know how well his business came out at the end of the first month of operations. Based on the financial statements prepared, write a brief report (300 words) on financial performance and position of Murphy Car services for the period ended 30 June 2022
