Transactions completed during the year ended 30 June 2013 for Johnson & Co are summarised as follows:
Johnson & Co
Trial Balance
As at 30 June, 2013
Account |
Account no |
Debit ($) |
Credit ($) |
Cash at bank |
1100 |
9240 |
|
Accounts receivable |
1101 |
5900 |
|
Prepaid rent |
1102 |
760 |
|
GST outlays |
1105 |
1400 |
|
Office supplies |
1106 |
820 |
|
Furniture and equipment |
1110 |
17950 |
|
Accum Dep-furniture & equip |
1111 |
|
6080 |
Accounts payable |
2200 |
|
3400 |
Salaries payables |
2201 |
|
260 |
GST collections |
2203 |
|
3200 |
Johnson, capital |
3000 |
|
23 130 |
|
|
$36070 |
$36070 |
Transactions completed during the year ended 30 June 2014 are summarised below (ignore GST):
The following additional information should be considered for adjusting entries:
Required:
I) Prepare journal entries to record the transactions (1-8) completed in the year to 30 June, 2014 Marks 4
II) Post the entries to Accounts Marks 2
III) Prepare and post the adjusting entries Marks 3
IV) Prepare a 10-column worksheet for the year ended 30th June, 2014 Marks 5
V) Prepare an Income Statement, a statement of changes in Owners’ Equity and a balance-
sheet for the year ended 30th June, 2014 Marks 4
VI) Prepare the closing entries Marks 1
VII) Comment on the performance of the business based on their financial statements (600 words). Marks 6
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