A business has supplied the following information relating to the year ended 30 June 2022 Trial Balance
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Question:
A business has supplied the following information relating to the year ended 30 June 2022
Trial Balance as at 30 June 2022
Note: $8,000 of the loan will be repaid in the next year.
Adjustments Required: (NB: Adjusted trial balance on page 6 is NOT required to be completed)
- A physical stock take conducted on 30/6/2022 showed total Inventory on hand of $19,000
- Insurance of $900 has expired
- Calculate depreciation on the Equipment at 12% per year
- The business has earned $3,600 in commission revenue which it has not yet recorded
Required
- Prepare balance day adjustment journals at 30 June 2022
- Prepare an Income Statement
- Prepare a classified Balance Sheet
Related Book For
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
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