11:59 Safari (×) READ-ONLY – This is an older file - format. To make changes, m... more Depreciation Expense - Motor Truck Store Supplies Expense Gain on Disposal of Old Motor Truck Bad-Debt Expense Interest Expense ... 72 Upgrade a copy 58,000 7,726,900 7,726,900 The following additional information is available at June 30, 2022: (i) (ii) (iii) (iv) (v) (vi) Store Supplies on hand at June 30, 2022 amounted to $62,000. Insurance of $157,500 was paid on April 1, 2022, for 9-months to December 2022 Rent was prepaid on March 1, 2022, for 7-months to September 2022. The furniture and fixtures have an estimated useful life of 10 years and is being depreciated on the straight-line method down to a residual value of $10,000. The motor truck was acquired on February 1, 2022, and is being depreciated over 5 years on the double-declining balance method of depreciation, down to a residue of $15,000 Salaries earned by employees not yet paid amounted to $73,800 at June 30, 2022. (vii) Accrued interest expense as of June 30, 2022, $48,300. (viii) On June 30, 2022, $106,000 of the previously unearned sales revenue had been earned. The aging of the Accounts Receivable schedule at June 30, 2022 indicated that the (ix) (x) Allowance for Bad Debts should be $86,550. After making all other adjustments, a physical count of inventory was done, which reveals that there was $1,100,000 worth of inventory on hand at June 30,2022 Other data: (xi) The business is expected to make principal payments totalling $300,000 towards the loan during the fiscal year to June 30,2023 Required: a) Prepare the necessary adjusting journal entries on June 30, 2022. [Narrations are not required] b) Prepare the Adjusted Trial balance at June 30, 2022. c) Prepare the company's multiple-step income statement for the period ending June 30, 2022 d) Prepare the company's statement of owner's equity at June 30, 2022 e) Prepare the company's classified balance sheet at June 30, 2022 11:59 Safari (☑ READ-ONLY – This is an older file - format. To make changes, m... more Plant Universe Ltd- Abutilon Branch Trial Balance as at June 30, 2022 Trial Balance ... 72 Upgrade a copy A/C Name Cash DR CR 250,000 Accounts receivable 865,500 Allowance for bad debt Merchandise Inventory Store Supplies 45,000 1,150,000 195,000 Prepaid Insurance 157,500 Prepaid rent 248,500 Furniture and fixtures 600,000 Accumulated depreciation-Furniture and Fixtures 59,000 Motor Truck 1,200,000 Accumulated depreciation - Motor Truck Accounts payable 50,000 Salary payable Interest payable 28,000 Unearned Sales revenue 205,000 Long-term loan 950,000 Capital Withdrawals Sales revenue 2,900,000 125,000 3,431,900 Sales discount 160,500 Sales returns and allowances Cost of goods sold Salaries expense 145,400 1,055,000 808,000 Insurance Expense Utilities Expense 157,500 325,000 284,000 Rent Expense Depreciation Expense - Furniture & Fixtures Depreciation Expense - Motor Truck Store Supplies Expense Gain on Disposal of Old Motor Truck Bad-Debt Expense Interest Expense 58,000 7,726,900 7,726,900 The following additional information is available at June 30, 2022: (ii) (iii) (iv) (v) (vi) Store Supplies on hand at June 30, 2022 amounted to $62,000. Insurance of $157,500 was paid on April 1, 2022, for 9-months to December 2022 Rent was prepaid on March 1, 2022, for 7-months to September 2022. The furniture and fixtures have an estimated useful life of 10 years and is being depreciated on the straight-line method down to a residual value of $10,000. The motor truck was acquired on February 1, 2022, and is being depreciated over 5 years on the double-declining balance method of depreciation, down to a residue of $15,000 Salaries earned by employees not yet paid amounted to $73,800 at June 30, 2022. (vii) Accrued interest expense as of June 30, 2022, $48,300. (viii) On June 30, 2022, $106,000 of the previously unearned sales revenue had been earned. The aging of the Accounts Receivable schedule at June 30, 2022 indicated that the (ix) (x) Allowance for Bad Debts should be $86,550. After making all other adjustments, a physical count of inventory was done, which reveals that there was $1,100,000 worth of inventory on hand at June 30,2022 Other data: