The adjusted trial balance of Brompton Bowling Alley at 30 June 2017, the end of the entity’s accounting year, follows:
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BROMPTON BOWLING ALLEY Adjusted Trial Balance as at 30 June 2017 |
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Account |
Debit |
Credit |
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Cash at bank Accounts receivable Supplies Prepaid insurance GST receivable Bowling equipment Accumulated depreciation – bowling equipment Building Accumulated depreciation – building Accounts payable Interest payable Wages and salaries payable Unearned fees revenue GST payable Loan from XYZ Bank Ltd (non-current) B. Awls, Capital B. Awls, Drawings Fees revenue Depreciation expense – bowling equipment Depreciation expense – building Wage and salaries expense Insurance expense Interest expense Electricity expense Council rates expense Supplies expense |
$ 8 660 27 220 11 070 6 870 6 470 230 790 400 990 90 000 20 100 9 630 89 400 17 040 14 510 17 010 8 830 21 300 |
$ 85 290 54 780 58 650 7 100 3 620 10 980 15 020 233 700 262 430 248 320 |
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$979 890 |
$979 890 |
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Additional data taken into account in the preparation of the above adjusted trial balance at 30 June 2017:
1. Unearned fees revenue earned during the year, $5540.
2. Prepaid insurance expired during the year, $17 040.
3. Accrued interest expense, $7100.
4. Supplies used during the year, $21 300.
5. Fees revenue earned but not received, $7860.
6. Depreciation for the year: bowling equipment, $20 100; building, $9630.
7. Accrued wages and salaries expense, $3620.
Required
A. Prepare the income statement and statement of changes in equity for the year ended 30 June 2017 and a classified as at 30 June 2017.
B. Record adjusting and closing entries in the general journal.
C. Prepare any suitable reversing entries on 1 July 2017.
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