Hi I need help.

Task 2: Case Study 1

Read the case study below and answer the questions.

ABC company sale is $ 20000 for the year and cost of goods sold is $ 9000.

Following balance day transactions are taken from ABC Company at the end of 31 June 2009.

1)Interest of $ 250 on a term deposit was earned at year-end, although collection of the interest was not due until the following year.

2)At the end of the year, wages payable of $ 2600 had not been recorded or paid.

3)The unadjusted prepaid insurance balance at year end was $4000. It was determined that $ 1800 of the prepaid insurance balance had expired for the accounting period just ended.

4)At the end of the year, $2700 was collected in cash for service revenue to be provided in the next accounting period.

5)The annual depreciation on equipment for the accounting period just ended was estimated to$4500.

6)An amount of $360 for payment of electricity expenses was wrongly recorded as equipment asset.

7)At the end of the year a stock take of the stationary revealed that $500.

Required:

a)Make general journal entries for balance day adjustments.

b)Post above transactions to final general ledger accounts system.

c)Calculate gross and net profit for reporting period.