Required Complete the following worksheet for the year ended 30 June 2020 using the unadjusted trial...
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Required Complete the following worksheet for the year ended 30 June 2020 using the unadjusted trial balance in the worksheet and the additional information provided below. (14 marks) a. A stocktake shows there were supplies on hand costing $2,500. b. Three casual employees both worked 8 days in June 2020. The daily rate for each casual employee is $300. No wages are recorded or paid. c. The prepaid insurance balance represents the annual insurance premium paid on 1 May 2020. d. 70% of unearned revenue was earned but not recorded by the end of the financial year. e. The Vehicle costing $270,000 was purchased on 1 March 2020 The straight-line depreciation method is used. The equipment has a useful life of 7 years and a scrap value of $18,000. No depreciation is ever recorded. If you accidentally delete the answer template, you may undo the deletion using "Ctrl + Z" (for Windows) or "Command + Z" (for Mac). If that does not work, please click on this link Answer Template. You may copy and paste the answer template to the answer box. 7 A BUI Account title Cash at bank Accounts receivable Prepaid insurance Supplies Vehicle Accounts payable Unearned Trial Balance (Unadjusted) Credit Debit Credit Debit Credit Debit 150,000 260,000 7,200 4,800 270,000 revenue Bank loan (due in 2023) Capital Service revenue Wages expense 210,000 9,600 12,600 250,000 199,800 430,000 Trial Balance (Adjusted) Adjustments Income Statement Debit Credit Balance Sheet Debit Credit Required Complete the following worksheet for the year ended 30 June 2020 using the unadjusted trial balance in the worksheet and the additional information provided below. (14 marks) a. A stocktake shows there were supplies on hand costing $2,500. b. Three casual employees both worked 8 days in June 2020. The daily rate for each casual employee is $300. No wages are recorded or paid. c. The prepaid insurance balance represents the annual insurance premium paid on 1 May 2020. d. 70% of unearned revenue was earned but not recorded by the end of the financial year. e. The Vehicle costing $270,000 was purchased on 1 March 2020 The straight-line depreciation method is used. The equipment has a useful life of 7 years and a scrap value of $18,000. No depreciation is ever recorded. If you accidentally delete the answer template, you may undo the deletion using "Ctrl + Z" (for Windows) or "Command + Z" (for Mac). If that does not work, please click on this link Answer Template. You may copy and paste the answer template to the answer box. 7 A BUI Account title Cash at bank Accounts receivable Prepaid insurance Supplies Vehicle Accounts payable Unearned Trial Balance (Unadjusted) Credit Debit Credit Debit Credit Debit 150,000 260,000 7,200 4,800 270,000 revenue Bank loan (due in 2023) Capital Service revenue Wages expense 210,000 9,600 12,600 250,000 199,800 430,000 Trial Balance (Adjusted) Adjustments Income Statement Debit Credit Balance Sheet Debit Credit
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Related Book For
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
Posted Date:
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