David Smith owns a car hiring business operating under the name Go Drive
David Smith owns a car hiring business operating under the name Go Drive. The unadjusted trial balance of Go Drive at 31 May 2020 is shown below (ignore GST). Go Drive Trial Balance As at 31 May 2020 Account Debit Credit Cash at bank 48,825 Accounts receivable 54,600 Fuel supplies 8,460 Prepaid advertising 5,970 Prepaid insurance 5,400 Office Furniture 24,000 Motor vehicles 862,500 Accumulated Depreciation – Vehicle 165,000 Accounts payable 31,200 Accrued interest 4,500 Unearned revenue 33,390 Loan payable 283,000 David S., Capital 423,010 David S., Drawings 60,900 Car hire revenue 299,200 Wages expense 122,430 Fuel and oil expense 23,520 Electricity expense 15,000 Mis. Expenses 7,695 1,239,300 1,239,300 The entity prepares financial statements every month. The information below…
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