x b Interactive Assign O YouTube Telstra Gateway estudent Unit: ACCG1000 AC Wiley Australia: Finx QQMail - Inbox N Netflix Lorem Ipsum - All... Greaterlophorina... Telstra Gateway L Greaterlophorina.. Twitch MInbox -zhumou.y... 3 NBA A Air Jordan Collect... d. Calculate the profit for the month. e. Discuss the impact on profit for the current period and year and future years if the equipment was depreciated over 2 years, not 5 years, and yet the business uses the equipment for the 5 years. LO3,4,5 PSA3.2 Prepare adjusting entries, post to ledger accounts, and prepare adjusted trial balance. The unadjusted trial balance at 30 June 2020 for Maxi Services Ltd is as follows. MAXI SERVICES LTD Trial balance as at 30 June 2020 Debit Credit No. Account name $ 54 800 100 Cash 15 000 104 Accounts receivable 3 200 Prepaid insurance 1 500 113 30 000 130 Supplies Office equipment Accumulated depreciation $ 20 000 131 7 400 200 Accounts payable 4 000 213 Service revenue received in advance 60 000 300 Share capital 310 Retained earnings 7 500 46 200 400 Service revenue 34 000 500 Salaries expense 2000 510 Rent expense 1 200 515 Insurance expense 530 Electricity expense 4000 $145 700 $145 700 The chart of accounts for Maxi Services Ltd contains the following accounts in addition to those listed on the trial balance: 218 Electricity payable, 215 Salaries payable, 520 Depreciation expense, and 505 Supplies expense. Other data: 1. Supplies on hand at 30 June total $1000, recorded and will 510 Rent expense 2 000 515 Insurance expense 1 200 530 Electricity expense 4 000 $145 700 145 700 $145 700 The chart of accounts for Maxi Services Ltd contains the following accounts in addition to those listed on the trial balance: 218 Electricity payable, 215 Salaries payable, 520 Depreciation expense, and 505 Supplies expense. Other data: 1. Supplies on hand at 30 June total $1000. 2. An eleg city bill for $300 for June has not been recorded and will t be paid next 3. The balance of the prepaid insurance account is the annual premium for insurance commencing 1 January 2020. 4. Services were performed during the current period in relation to $3000 of revenue received in advance. 5. Salaries of $4600 are owed at 30 June. 6. Depreciation expense for the year is $4000. 7. Invoices representing $4400 of services performed during the month have not been recorded as of 30 June 2020. Required a. Prepare the adjusting entries from the information provided. b. Using T accounts, enter the totals from the trial balance as beginning account balances and then post the adjusting entries to the ledger accounts. c. Prepare an adjusted trial balance as at 30 June 2020. d. Calculate profit or loss for the year ended 30 June 2020. e. If the business wanted to report a higher profit, which of the adjusting entries above would be avoided? Which stakeholders would be affected by the misreported profit? PSA3.3 Prepare adjusting entries and financial statements; identify accounts to be closed. LO4, 5, 6, 7 Auckland Consulting Ltd began operations on 1 July 2019. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on 30 September are shown below. Solved: Chapter 3.. Discord N 3.7 a) DR accou.. 1.xlsx - Excel W Document1 - 1