Ms Janet Jackson is the proprietor of Janet’s Sewing Services. Janet prepares her accounts on a monthly basis. The Unadjusted Trial Balance at 31 March 2018 is shown below:
Janet’s Sewing Services
Unadjusted Trial Balance
31 March 2018
|Cash at bank||8,500|
|Accumulated depreciation – equipment||333|
|Bank loan (due 2020)||8,000|
|Capital, Janet Jackson (1/3/18)||9,797|
|Drawings, Janet Jackson||3,000|
Additional information for adjusting entries:
- A physical stock-take has determined supplies on hand at 31 March are $1,100.
- Rent on the business premises was paid in advance for 3 months at the beginning of March.
- A typical weekly payroll is $750. The employee is paid for a 5-day week (Mon-Fri), and is paid each Thursday (inclusive). 31 March was a Saturday.
- Interest on the interest-only loan for the month of March won’t be paid until the first week of April. The interest rate is 8% per annum.
- Janet withdrew $900 from the business on the last day of the month for her own use and did not record it.
- The equipment has a 5-year useful life with no salvage value. It is being depreciated on a straight-line basis.
- Prepare the necessary general journal adjusting entries for the month ended 31 March 2018 (include narrations).
- Prepare the Income Statement for Janet’s Sewing Services for the Month Ended 31 March 2018.
- Prepare the Statement of Changes In Equity for Janet’s Sewing Services for the Month Ended 31 March 2018.
- Prepare the classified Balance Sheet for Janet’s Sewing Services As At 31 March 2018.
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