The trial balance for Andrew’s Slabs as at 30 June 2017 was: Trial Balance Details Debit $ Credit $ Cash at Bank 10,700 Accounts receivable 52,000 Inventory 20,000 Equipment 45,000 Accumulated depreciation on equipment 10,000 Vehicles 50,000 Accumulated depreciation motor vehicles 6,250 Land 27,500 Accounts payable 25,000 Loan 85,000 Capital 181,430 Sales revenue 120,000 Interest revenue 2,000 Cost of goods sold 86,250 Salaries expense 30,000 Rates expense 1,500 Stationery expense 800 Advertising expense 1,900 Interest expense 300 Motor Vehicle expense 780 Repairs Expense 2,500 Insurance Expense 450 Total 329,680 329,680 Record the following balance day adjustments in the general journal below. and show the workings Depreciation of equipment 10% using the straight-line method Depreciation of vehicles 12.5% using the diminishing balance method Rates paid in advance $600 Salaries owing $3,500 Interest revenue earned but not received $1,300 Create an allowance for doubtful debts equal to 5% of accounts receivable. Physical stocktake determined inventory at end 30 June 2017 was $18,800 also prepare the income statement and balance sheet at 30 june 2017 plss send the answres within 30 mins it urgent need all

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The trial balance for Andrew’s Slabs as at 30 June 2017 was:

Trial Balance
Details	Debit $	Credit $
Cash at Bank	10,700
Accounts receivable	52,000
Inventory	20,000
Equipment	45,000
Accumulated depreciation on equipment		10,000
Vehicles	50,000
Accumulated depreciation motor vehicles		6,250
Land	27,500
Accounts payable		25,000
Loan		85,000
Capital		181,430
Sales revenue		120,000
Interest revenue		2,000
Cost of goods sold	86,250
Salaries expense	30,000
Rates expense	1,500
Stationery expense	800
Advertising expense	1,900
Interest expense	300
Motor Vehicle expense	780
Repairs Expense	2,500
Insurance Expense	450
Total	329,680	329,680

Record the following balance day adjustments in the general journal below. and show the workings
Depreciation of equipment 10% using the straight-line method
Depreciation of vehicles 12.5% using the diminishing balance method
Rates paid in advance $600
Salaries owing $3,500
Interest revenue earned but not received $1,300
Create an allowance for doubtful debts equal to 5% of accounts receivable.
Physical stocktake determined inventory at end 30 June 2017 was $18,800
also prepare the income statement and balance sheet at 30 june 2017

plss send the answres within 30 mins it urgent need all

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