The following unadjusted trial balance is taken from the ledger of Tim's Top Business Services on...

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The following unadjusted trial balance is taken from the ledger of Tim's Top Business Services on 30 June 2019. Account Cash at bank Accounts receivable Prepaid insurance Equipment Accumulated depreciation - equipment Accounts payable Tim Wang, Capital Tim Wang, Drawings Service revenue Wages expense Electricity expense Sundry expense Debit $38 000 74 000 24 000 130 000 40 000 130 000 54 000 26 000 $516.000 Additional information is also available on 30 June 2019: Accrued wages, $10 000. Expired insurance, $13 000. • Depreciation on equipment, $50 000. Credit $50 000 64 000 62 000 340 000 $516 000 Required: (1) Provide adjusting and closing journal entries in the general journal; (10 Marks) (2) Prepare an Income Statement for the year ended 30 June 2019: (7 Marks) (3) Prepare a Statement of Changes in Equity for the year ended 30 June 2019; (4 Marks) (4) Prepare a Balance Sheet as at 30 June 2019. (8 Marks) The following unadjusted trial balance is taken from the ledger of Tim's Top Business Services on 30 June 2019. Account Cash at bank Accounts receivable Prepaid insurance Equipment Accumulated depreciation - equipment Accounts payable Tim Wang, Capital Tim Wang, Drawings Service revenue Wages expense Electricity expense Sundry expense Debit $38 000 74 000 24 000 130 000 40 000 130 000 54 000 26 000 $516.000 Additional information is also available on 30 June 2019: Accrued wages, $10 000. Expired insurance, $13 000. • Depreciation on equipment, $50 000. Credit $50 000 64 000 62 000 340 000 $516 000 Required: (1) Provide adjusting and closing journal entries in the general journal; (10 Marks) (2) Prepare an Income Statement for the year ended 30 June 2019: (7 Marks) (3) Prepare a Statement of Changes in Equity for the year ended 30 June 2019; (4 Marks) (4) Prepare a Balance Sheet as at 30 June 2019. (8 Marks)

Answer rating: 100% (QA)

1 Adjust ing Journal Ent ries DR Prep aid Insurance 13 000 CR Insurance Exp ens... View the full answer