Question: please help BAFBM / Completing the Accounting Cycle Evaluation Jlelectric is a company located in Scarborough, Ontario. Their year end is June 30,2022. Additional information:

 please help BAFBM / Completing the Accounting Cycle Evaluation Jlelectric is

a company located in Scarborough, Ontario. Their year end is June 30,2022.

please help

BAFBM / Completing the Accounting Cycle Evaluation Jlelectric is a company located in Scarborough, Ontario. Their year end is June 30,2022. Additional information: - A physical count showed 56,000 supplies on hand at June 30,2022. - As aflune 30, 2022, there was $2500 revenue received in advance that was actually unearned. - The one-year Insurance coverage costing $9000 was purchased on Nov 1, 2021. - The declining-balancemethod of depreciation will be used to recond depreciation. Use the appropriate rate from Canada Revenue Agency. Note that JiElectric's equipment is in Class H8. 1. Use the Google Sheets attached to complete a worksheet for II Electric for the year ended June 30,2022. a. You may need to create new accounts for the adjustments. Number these accounts appropriately. b. Make sure to extend the worksheet, calculate the net income/loss in the worksheet andinclude the date on the worksheet. 2. Assume that the transactions are recorded in a journal and posted to the ledger. Use the Google Sheets attached to prepare an income statement for the year ended Jume 30 , 2022. 3. Use the Google Sheets attached to prepare a classified balance sheet as of June 30,2022. 4. Use theGoogle Sheets attached to journalize the closing entries for JiElectric after the adjustmentsare made. Make sure to use the temporary income Summary account. You do not need to post to the ledger (leave the P.R. column blankl

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!