The ledger of Catherine Delaney, Financial Consultant, contains the following account balances on 30 June 2017.
|
Account |
Debit |
Credit |
|||||
|
Cash at Bank Accounts Receivable GST Receivable Office Supplies Land Building Accumulated Depreciation – Building Office Equipment Accumulated Depreciation – Office Equipment Accounts Payable Unearned Consulting Fees GST Payable Mortgage Payable C. Delaney, Capital C. Delaney, Drawings Consulting Fees Revenue Insurance Expense Salaries Expense Electricity Expense Interest Expense Telecommunications Expense |
$ 5 200 9 260 920 1 140 60 000 152 000 23 400 52 780 1 660 87 940 760 2 090 1 740 |
$ 64 000 6 420 7 960 1 560 2 000 88 600 71 490 156 860 |
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|
$398 890 |
$398 890 |
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The following additional account titles are included in the chart of accounts:
Prepaid Insurance
Telecommunications Expense Payable
Office Supplies Expense
Depreciation Expense – Buildings
Depreciation Expense – Office Equipment
Interest Payable
Salaries Payable
The following information is also available:
1. A physical count of office supplies reveals that supplies totalling $420 are on hand at 30 June.
2. The balance in the Unearned Consulting Fees account includes $1200 earned for services rendered in the last week of June.
3. Estimated depreciation on the office equipment is $2140. Depreciation on the building is $8760.
4. A 12-month insurance policy was purchased on 1 April for $780 plus GST.
5. The June monthly mortgage payment of $900 has not been paid or recorded. In each payment, $220 is attributable to interest.
6. The June telecommunications costs for $320 are unrecorded. No tax invoice has been received.
7. Salaries of $980 were owing to employees at 30 June 2017.
Required
A. Prepare a 10-column worksheet for the year ended 30 June 2017.
B. Prepare the income statement, and statement of changes in equity.
C. Journalise the closing entries.
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