You have been provided with the unadjusted and adjusted trial balance for Mars Ltd as of 30 June 2018. These reports are after trading for the year end 30 June 2018.
as at 30 June 2018
|No||Account Name||Dr ($)||Cr ($)||Dr ($)||Cr ($)|
|151||Less Accumulated Depreciation – Office Equipment||–||73,096||–||91,370|
|230||Revenue Received in Advance||–||18,274||–||14,619|
|250||Bank Loan (10 years term)||–||13,053||–||13,053|
|530||Office Supplies Expense||–||–||8,876||–|
You are required:
a) Record the opening balance of each account in the correct T — account before recording adjusting entries.
b) Record the adjusting entries in the General Journal using the below format:
|Date||Account (Narration)||Post ref||Debit $||Credit $|
|xxx (hold your CTRL and TAB key to indent)||XXX|
|(Don’t forget your narration).|
c) Record the adjusting entries in the correct T-accounts.
d) Balance the T-accounts.
e) Prepare an Income Statement, Statement of Changes in Owners’ Equity and a classified Statement of financial position (Balance Sheet) as at 30 June 2018.
f) Journalise the post-closing entries required to finalise the end of financial year.
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