The ledger of michelle watson financial consultant contains, Ask an Expert

Accounting

The ledger of Michelle Watson, Financial Consultant, contains the following account balances on 30 june 2011.

Details are attached in pdf.

The following additional account titles are included in the chart of accounts:

Prepaid Insurance
Telephone Expense Payable
Office Supplies Expense
Depreciation Expense
Interest Payable

The following information is also available:

1. A physical count of office supplies reseals that supplies totaling $415 are on hand at 30 June.

2. The balance in the Unearned Consulting Fees account includes S210 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-months insurance policy was purchased on 1 March for $1000 plus GST

5. The June monthly mortgage payment of $900 has not been paid or recorded. In each payment $170 is attributable to interest

6. The June telephone costs for $165 are unrecorded. No tax invoice has been received.

Required

A. Prepare a 10-column worksheet for the year ended 30 June 2011.

B. Prepare the income statement, balance sheet and statement of changes in equity.

C. Journalize the closing entries.

Attachment:- Table.pdf

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92317690

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - poe inc had the following bank reconciliation at

Question - Poe, Inc. had the following bank reconciliation at March 31, year 2: Balance per bank statement, 3/31/Y2 $46,500 Add deposit in transit 10,300 56,800 Less outstanding checks 12,600 Balance per books, 3/31/Y2 $ ...

Question - the calculated variable cost per unit of 18high

Question - The calculated variable cost per unit of $1.8 High Level of activity is: 1,691 units and $7,147cost. If the low level of activity was 530 units, calculate the fixed cost at the low level of activity?

Question - alpha technology produces two products a high

Question - Alpha Technology produces two products: a high end laptop under the label Excellent Laptops and an inexpensive desktop under the label Outstanding Computers. The two products use two overhead activities, with ...

Question - murphy self storage purchased land paying 175000

Question - Murphy Self Storage purchased land, paying $175,000 cash as a down payment and signing a $150,000 note payable for the balance. Murphy also had to pay delinquent property tax of $3,500, title insurance costing ...

Question - clean sweep inc started the month of june with

Question - Clean Sweep, Inc. started the month of June with $800 worth of cleaning supplies. During the month, Clean Sweep purchased $300 of supplies for cash. At June 30, $200 worth of supplies was unused. How much clea ...

Question - given2018 pretax accounting income 4000002018

Question - Given 2018 Pretax Accounting Income: $400,000 2018 Municipal Bond Interest Income Included in Pretax Accounting Income: $20,000 2018 Warranty Expense of $70,000 for Accounting Purposes 2018 Actual Warranty Cos ...

Question select article or case in the last 3-5 years on a

Question: Select article or case in the last 3-5 years on a legal topic and write a paper between 1000 to 1500words analyzing the legal issues raised by the article or case , the implication of the case for business mana ...

Question - sunshine company purchased equipment for 100000

Question - Sunshine Company purchased equipment for $100,000 in 2012. The machinery originally had an estimated life of 8 years and a salvage value of $10,000. Sunshine used the straight-line depreciation method. In 2016 ...

Question - for sunland co beginning capital balances on

Question - For Sunland Co., beginning capital balances on January 1, 2020, are Nancy Payne $18,900 and Ann Dody $24,000. During the year, drawings were Payne $8,700 and Dody $5,200. Net income was $28,700, and the partne ...

Assignment 1 discussion-predicting and developing a

Assignment 1: Discussion-Predicting and Developing a Long-Term Growth Strategy To develop a strategic plan, as a nonaccounting manager, you need to analyze and link management accounting data and performance information ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert