Due: 20th August 2018
Consider the information provided for Legal Eagle Law Services and use Excel to:
- Record the journal entries for June transactions.
- Record adjusting entries.
- Construct the “T” formatted leger accounts.
- Prepare the profit and loss statement.
- Prepare the classified narrative formatted balance sheet
You must use formula to construct the leger accounts, profit and loss statement, and balance sheet.
Legal Eagle Law Services
Unadjusted Trial Balance
|as at 31 May 2019|
|Cash at bank||$11,670|
|Accumulated depreciation — office equipment||$3,705|
|Loan payable — due May 30 2020||13,800|
|1/6/2019||Receipts from customers||$15,400|
|15/6/2019||Receipts from customers||$7,700|
|22/6/2019||Received electricity bill||$4,020|
|29/6/2019||Receipts from customers||$7,700|
|30/6/2019||Received bank interest||$270|
|30/6/2019||Purchased motor vehicle using bank loan ($22,000) and cash.||$33,000|
|30/6/2019||One customer was declared bankrupt during June. Their debt is judged to be non-recoverable (a bad debt).||$1,100|
- All sales are credit sales (30 days).
- Unless stated all amounts are GST inclusive or GST exempt.
- Interest expense of $680 has accrued on the loan payable.
- A physical count of office supplies on 30 June shows $790 of unused supplies on hand.
- Depreciation of the office equipment this year is estimated to be $1520.
- Half the amount in the Unearned Fees account had been earned by the end of June.
- The amount in the Prepaid Rent account covers June and the next 2 months.
- Of prepaid insurance, 30% expired this period.
- Salaries expense accrued for the last 4 days in June amounts to $2490.
- The telephone expense for June of $670 has not been recorded or paid.
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