From the information given, complete the table given below: Prepare an income statement and a statement...

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From the information given, complete the table given below: Prepare an income statement and a statement of changes in equity for the year ended 30 June 2021. Prepare a balance sheet as at 30 June 2021. The financial year for Canada Services ends on 30 June. Use the following information and make the necessary adjusting entries at the end of the financial year. Answer the question using the schedule given below. 1. On 15 February, Canada borrowed $16 000 from ABC Bank at 8% interest. The principal and interest are payable on 15 August. 2. Rent of $3 600 for the 6-month period ending 31 July is due to be paid in August. 3. The annual depreciation on equipment is estimated to be $7 200. The 1 July balance in the Accumulated Depreciation account was $15 600. 4. Canada Services purchased a 1-year insurance policy on 1 March of the current year for $660. A 3-year policy was purchased on 1 November of the previous year for $2700. Both purchases were recorded by debiting Prepaid Insurance. 5. The business has two part-time employees who each earn $220 a day. They both worked the last 3 days in June for which they have not yet been paid. 6. On 1 June, a customer paid the Canada Services $2 100 in advance for doing for the next 3 months. This was recorded by a credit to Unearned Revenue. 7. Water for June of $850 is unpaid and unrecorded. 8. The supplies account had a $280 debit balance on 1 July. Supplies of $1 560 were purchased during the year and $190 of supplies are on hand as at 30 June. Balance reported In 30/6 adjustin Balance Entry Account Balance in Dollar Balance the effect of sheet account classificatio before sheet adjustmen entries Name of If given The Amount Appear in Exa the amount in the the balance mple account of the balance sheet amount adjustm sheet ent 1. 2. 3. 4. 5. 6. 7. 8. From the information given, complete the table given below: Prepare an income statement and a statement of changes in equity for the year ended 30 June 2021. Prepare a balance sheet as at 30 June 2021. The financial year for Canada Services ends on 30 June. Use the following information and make the necessary adjusting entries at the end of the financial year. Answer the question using the schedule given below. 1. On 15 February, Canada borrowed $16 000 from ABC Bank at 8% interest. The principal and interest are payable on 15 August. 2. Rent of $3 600 for the 6-month period ending 31 July is due to be paid in August. 3. The annual depreciation on equipment is estimated to be $7 200. The 1 July balance in the Accumulated Depreciation account was $15 600. 4. Canada Services purchased a 1-year insurance policy on 1 March of the current year for $660. A 3-year policy was purchased on 1 November of the previous year for $2700. Both purchases were recorded by debiting Prepaid Insurance. 5. The business has two part-time employees who each earn $220 a day. They both worked the last 3 days in June for which they have not yet been paid. 6. On 1 June, a customer paid the Canada Services $2 100 in advance for doing for the next 3 months. This was recorded by a credit to Unearned Revenue. 7. Water for June of $850 is unpaid and unrecorded. 8. The supplies account had a $280 debit balance on 1 July. Supplies of $1 560 were purchased during the year and $190 of supplies are on hand as at 30 June. Balance reported In 30/6 adjustin Balance Entry Account Balance in Dollar Balance the effect of sheet account classificatio before sheet adjustmen entries Name of If given The Amount Appear in Exa the amount in the the balance mple account of the balance sheet amount adjustm sheet ent 1. 2. 3. 4. 5. 6. 7. 8.

Answer rating: 100% (QA)

1 Journal Entries Canada Services Journal Entries Date Accounts Title Debit Credit Jun 30 Inter... View the full answer