Petes Computer Shop is a sole trader run by Pete Narellan. The unadjusted trial balance of Petes

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Pete’s Computer Shop is a sole trader run by Pete Narellan. The unadjusted trial balance of Pete’s Computer Shop is shown below.

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(a) Prepare a worksheet for Pete’s Computer Shop. Use the following information to make the year‐end adjustments.
i. Prepaid insurance expired during the year, $1290.
ii. Depreciation on the store equipment, $3100; and on delivery van, $1540.
iii. Accrued interest on the loan payable, $745.

The ending inventory determined by physical count was $36 430.

(b) Prepare an income statement, a statement of changes in capital and a balance sheet for the year ended 30 June 2020.

(c) Prepare adjusting and closing entries.

(d) Prepare a post‐closing trial balance.

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Related Book For  book-img-for-question

Financial Accounting

ISBN: 9780730363217

10th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie, Andreas Hellmann, Jodie Maxfield

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