Homework answers / question archive / Lavender Industry has provided you with the following information:Trial Balance as at 30 June 2017   Account Debit Credit Sales   3,279 Owners Equity   3,370 Inventory (opening) 1,300   Cartage Inwards 65   Commissions Paid 60   Advertising 33   Bad debts 46   Drawings 40   Accounts payable   2,330 GST collected   600 Bank overdraft   649 Motor vehicle 2,500   Allowance for doubtful debts   60 Furniture & Fittings 260   Purchases 1,594   GST paid 300   Customs Duty 345   Loan due   1,000 Accounts receivable 4,365   Wages for Office 200   Wages for Sales 52   Cartage Outwards 55   Interest receivable   12 Discount received   25 Printing & Stationery 20   General expenses 14   Discount allowed 35   Rent 41     11,325 11,325 Additional information • Prepaid rent $30 • Accrued wages (sales) $25 • Depreciation Motor Vehicles 10% p

Lavender Industry has provided you with the following information:Trial Balance as at 30 June 2017   Account Debit Credit Sales   3,279 Owners Equity   3,370 Inventory (opening) 1,300   Cartage Inwards 65   Commissions Paid 60   Advertising 33   Bad debts 46   Drawings 40   Accounts payable   2,330 GST collected   600 Bank overdraft   649 Motor vehicle 2,500   Allowance for doubtful debts   60 Furniture & Fittings 260   Purchases 1,594   GST paid 300   Customs Duty 345   Loan due   1,000 Accounts receivable 4,365   Wages for Office 200   Wages for Sales 52   Cartage Outwards 55   Interest receivable   12 Discount received   25 Printing & Stationery 20   General expenses 14   Discount allowed 35   Rent 41     11,325 11,325 Additional information • Prepaid rent $30 • Accrued wages (sales) $25 • Depreciation Motor Vehicles 10% p

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Lavender Industry has provided you with the following information:Trial Balance as at 30 June 2017

Additional information

• Prepaid rent $30

• Accrued wages (sales) $25

• Depreciation Motor Vehicles 10% p.a.

• Depreciation Furniture & Fittings 5% p.a.

• Bad debts written off $44 including GST

• Allowance for doubtful debts is to be increased to $200

• Stocktake as at 30 June $1,010

Note: Lavender Industry uses the periodic inventory system.
Required: (a) Prepare the general journal entries for Balance Day Adjustments from the additional information given.(b) Open the relevant general ledger accounts (including Trading and Profit & Loss Ledger accounts) and post the Balance Day Adjustments to these accounts.(c) Prepare the closing journal entries for 30 June(d) Prepare the Income Statement for the year ended 30 June
(e) Prepare a Classified Balance Sheet as at 30 June