You have been asked by Joe Madeley to prepare an income statement and balance sheet for the year ended 30 June 2022. So that there is a greater chance the financial statements will be correct, you are required to write the account, statement and group abbreviations next to each account name, including the balance day adjustments. Joe’s ledger account balances and balance day adjustments are shown in figure 12.26.

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Account Balances of Joe Madeley as at 30 June 2022 Wages Telephone Sales Cost of Sales Petty Cash Office Furniture and Equipment Motor Vehicles Expenses Motor Vehicles Inventory Interest Received Insurance GST Payable GST Receivable Government Bonds Freight Outwards Electricity Capital Bank Bad Debts Recovered Bad Debts Expense Allowance for Doubtful Debts Accumulated Deprec'n- Office Furniture and Equipment Accumulated Depreciation - Motor Vehicles Accounts Receivable Control Accounts Payable Control 32 962 1298 148 657 67 169 500 31 738 5 753 49 812 5 327 2100 2 989 3 700 1910 20 000 1 697 1754 73 197 7 538 2320 1 517 400 7 648 11 091 32 516 15 367