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Homework answers / question archive / You have been requested by Little Company tocomplete the accounts
You have been requested by Little Company tocomplete the accounts.Below is the Trial Balance and adjustments required for the period ending 30 June 2017.
|
Trial Balance as at 30 June 2017 |
$ |
$ |
|
Account Payable |
|
9,000 |
|
Accounts Receivable |
26,000 |
|
|
Accumulated Dep. - Office Equip |
|
5,300 |
|
Advertising |
4,400 |
|
|
Bad Debts |
240 |
|
|
Bank |
|
6,000 |
|
Capital |
|
137,900 |
|
Commission on Sales |
3,000 |
|
|
Cost of Goods Sold |
247,900 |
|
|
Bank Charges |
160 |
|
|
Drawings |
4,000 |
|
|
GST Collected (Payable) |
|
5,000 |
|
Insurance |
1,700 |
|
|
Inventory |
17,200 |
|
|
Land & Buildings (at cost) |
224,000 |
|
|
Mortgage on Freehold |
|
108,000 |
|
Motor Vehicles Expenses |
4,700 |
|
|
Office Equipment (at cost) |
77,000 |
|
|
Office Expenses |
6,500 |
|
|
Rent Income |
|
2,200 |
|
Salaries - Office |
90,000 |
|
|
Salaries - Sales |
43,000 |
|
|
Sales |
|
477,760 |
|
Telephone |
1,360 |
|
|
|
751,160 |
751,160 |
Additional Information The following adjustments require posting before finalising the end of year results:• Salaries - Office due and unpaid $1,200• Insurance premium paid in advance $500• Depreciation on office equipment $7,500• Rent Income received in advance $700• The closing inventory is $17,200 as stated in the Trial Balance above
Required: (a) Record general journal entries for the balance day adjustment as at 30 June 2017(b) Prepare the closing general journal entries including the Trading and Profit and Loss account(c) Prepare the final general ledger accounts(d) Prepare a Trial Balance after all the adjustments and closing entries have been made(e) Prepare end of period financial reports including the Classified Income Statement and Balance Sheet
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(d
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