Alba Ltd hires out equipment and furniture for parties. The unadjusted trial balance of the business appears as shown below.
| ALBA LTD
Unadjusted Trial Balance as at 30 June 2018 |
||||
| Account | Debit | Credit | ||
| Cash at bank
Accounts receivable GST receivable Prepaid insurance Party equipment Accumulated depreciation – party equipment Furniture Accumulated depreciation – furniture Accounts payable GST payable E. Johns, Capital E. Johns, Drawings Hire fees revenue Salaries expense Rent expense Maintenance expense Electricity expense |
$ | 5 200
2 400 3 300 1 200 31 400
47 300
18 310
26 500 5 700 3 100 1 400 |
$ |
17 600
23 000 6 800 5 000 18 710
74 700
|
| $ | 145 810 | $ | 145 810 | |
Additional information
- Expired insurance amounts to $850.
- June electricity costs of $300 have not been paid or recorded. No tax invoice has been received.
- Depreciation on the party equipment is $7850, and depreciation on the furniture is $9420.
- Hire fees of $1150 (plus GST of $115) were received in advance and were not considered to be revenue at balance date.
- The Rent Expense account contains $1320 paid for July 2018 rent.
- A hire fee of $264 received in cash (including $24 GST) was recorded by debiting Accounts Receivable.
- Salaries earned amounting to $810 will be paid in July and have not been recorded.
Required
A. Set up T accounts for the accounts listed in the trial balance.
- Enter the account balances from the trial balance to the T accounts.
- Post the adjusting information directly to the T accounts.
B. Prepare an adjusted trial balance.
C. Prepare an income statement and a statement of changes in equity for the year ended 30 June 2018.
D. Prepare a balance sheet as at 30 June 2018.
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