Balances on accounts as at 30 June 2022, before balance day adjustments, were: equipment $55 000, accumulated
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Balances on accounts as at 30 June 2022, before balance day adjustments, were: equipment $55 000, accumulated depreciation – equipment $21 000, insurance $5100 and wages $35 800.
Balance day adjustments were: depreciation of equipment 15% p.a., insurance prepaid $910 and wages owed to employees $700.
For the year ended June 2022:
• prepare adjusting journals
• prepare closing journals, then
• enter balances and post the journals to the relevant ledger accounts, including profit and loss, and
• prepare an extract income statement and balance sheet.
Prepare relevant reversal journals on 1 July 2022 and post to the ledger accounts.
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Related Book For
Accounting An Introduction To Principles And Practice
ISBN: 9780170403832
9th Edition
Authors: Edward A. Clarke, Michael Wilson
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