You have been provided with the unadjusted and adjusted trial balance for Mars Ltd as of 30 June 2018. These reports are after trading for the year end 30 June 2018.

 

Mars Ltd

Trail Balance

as at 30 June 2018

 

    Unadjusted Adjusted
No Account Name Dr ($) Cr ($) Dr ($) Cr ($)
100 Cash       28,716                –       28,716                –
110 Accounts Receivable       52,211                –       56,126                –
130 Office Supplies       21,929                –       13,053                –
140 Prepaid Insurance         8,745                –         6,526                –
150 Office Equipment    156,634                –    156,634                –
151 Less Accumulated Depreciation – Office Equipment                –       73,096                –       91,370
200 Accounts Payable                –       13,053                –       13,053
220 Interest Payable                –                –                –            392
230 Revenue Received in Advance                –       18,274                –       14,619
240 Salaries Payable                –                –                –         3,393
250 Bank Loan (10 years term)                –       13,053                –       13,053
300 Share Capital                –       52,211                –       52,211
310 Retained Earnings                –       14,358                –       14,358
311 Dividends       31,326                –       31,326                –
400 Revenue                –    152,978                –    160,548
500 Salaries Expense       26,106                –       29,499                –
505 Insurance Expense                –                –         2,219                –
510 Interest Expense            914                –         1,306                –
520 Depreciation Expense                –                –       18,274                –
530 Office Supplies Expense                –                –         8,876                –
540 Rent Expense       10,442                –       10,442                –
       337,023    337,023    362,997    362,997

 

 

You are required:

a) Record the opening balance of each account in the correct T — account before recording adjusting entries.

b) Record the adjusting entries in the General Journal using the below format:

Mars Ltd

General Journal

 

Date Account (Narration) Post ref Debit $ Credit $
  xxx   XXX  
  xxx (hold your CTRL and TAB key to indent)     XXX
  (Don’t forget your narration).      

c) Record the adjusting entries in the correct T-accounts.

d) Balance the T-accounts.

e) Prepare an Income Statement, Statement of Changes in Owners’ Equity and a classified Statement of financial position (Balance Sheet) as at 30 June 2018.

f) Journalise the post-closing entries required to finalise the end of financial year.

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