The following unadjusted trial balance was taken from the ledger of Miranda’s Management Services on 30 June 2019.

Required

(a) Prepare a 10‐column worksheet using the following additional information on 30 June 2019.

i. Accrued wages, $18 000 

ii. Expired insurance, $16 000

iii. Depreciation on equipment, $60 000

(b) Prepare an income statement, a statement of changes in equity and a balance sheet.

(c) Record the adjusting and closing entries in the general journal.

Transcribed Image Text:

Account Cash at bank Accounts receivable Prepaid insurance Equipment Accumulated depreciation equipment Accounts payable Miranda Pike, Capital Miranda Pike, Drawings Service revenue Wages expense Electricity expense Sundry expense Debit $80 000 74 000 24 000 230 000 50 000 130 000 54 000 26 000 $668 000 Credit $ 60 000 64 000 204 000 340 000 $668 000