Alba Ltd hires out equipment and furniture for parties. The unadjusted trial balance of the business appears as shown below.
Unadjusted Trial Balance as at 30 June 2018
|Cash at bank
Accumulated depreciation – party equipment
Accumulated depreciation – furniture
E. Johns, Capital
E. Johns, Drawings
Hire fees revenue
|$||145 810||$||145 810|
- 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.
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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