Question 1 (7 marks) (Note this question is from the Week 5 Tutorial) Sandox Retail has the following unadjusted trial balance as at 30 June 2020 in the table:

Accounts Debit ($) Credit ($)

Cash 8,524

Accounts Receivable 7,000

Supplies 15,000

Prepaid Insurance 300

Insurance Expense 600

Equipment 27,000

Accumulated Depreciation 12,000

Other Assets 5,100

Wages Payable 1,500

Accounts Payable 7,500

Income Tax Payable 3,150

Share Capital (3000 shares outstanding all year) 16,000

Retained Profit 10,300

Sales Revenue 95,000

COGS 32,900

Wages Expense 18,000

Supplies Expense 25,680

Income Tax Expense 5,346

Total 145,450 145,450

Question 1 (Cont'd)

a)make Income Statement for Sandox Retail for the financial year 2019-2020. (2.5 marks)

b)make a Balance Sheet as of 30 June 2020. (2.5 marks)

c) Prepare the closing journals for Sandox Retail. (2 marks)