The trial balance shown below summarises the year’s activities for Nova Caine’s dental surgery.
|
NOVA CAINE, DENTIST Unadjusted Trial Balance as at 30 June 2016 |
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|
Account |
Debit |
Credit |
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|
Cash at bank Fees revenue Accounts receivable Equipment Accumulated depreciation – equipment Dental supplies Office supplies Nova Caine, Capital Nova Caine, Drawings Accounts payable Wages expense – dental assistants Rent expense Office expenses General expenses |
$ 5 600 56 000 520 000 142 000 8 000 120 000 142 000 65 000 27 000 67 000 |
$610 000 165 000 357 600 20 000 |
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$1 152 600 |
$1 152 600 |
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The following additional information should be considered:
1. Inventory of dental supplies on hand at 30 June is $16 400; $2400 office supplies are on hand.
2. Depreciate equipment at the rate of 15% p.a. on cost ($520 000).
3. Rent of $5000 has been paid in advance and has been debited to rent expense.
4. Wages earned by the dental assistants but unpaid, $1620.
Required
A. Journalise the adjusting entries.
B. Journalise the closing entries.
C. Prepare an income statement, a statement of changes in equity and a balance sheet.
D. Journalise the reversing entries (if any).
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