ADJUSTED TRIAL BALANCE INCOME STATEMENT Adjusted Trial Balance "For the Month Ending 31/8/2021" Sales Revenue Service Revenue 1,803,234 Ac. No. Account 201 Accounts Payable Dr 28,998 6,330 Gross Profit 1,832,232 102 Accounts receivable 27,218 Accum. Depreciation - Motor Vehicle Accum. Depreciation - Office Fumiture Advertising Expense Bank Loan 159 17,500 156 6,240 Other Operating Revenue: Interest Revenue 610 4,250 5,362 33,990 251 Capital 301 182,930 101 Cash 176,234 Operating Expenses 601 Computer Expense 896 Selling, General & Administrative Expenses: 604 Consulting Expense 6,088 Cost of Good Sold Advertising Expense 244 Consulting Fees Payable Cost of Good Sold 3.044 46,435 4,250 501 651 Depreciation Expense- Motor Vehicle Depreciation Expense - Office Furniture 302 Drawings GST Collected GST Paid Insurance Expense Interest Due Interest Expense Interest Receivable Interest Revenue 46,435 700 Computer Expense 896 655 480 Consulting Expense 6,088 4,780 222 21,216 Depreciation Expense - Motor Vehicle 700 111 9,281 Depreciation Expense-Office Furniture 480 605 990 Insurance Expense 990 240 2,806 Office Supplies Expense 603 40 2,806 143 5,362 Rent Expense 1,820 403 5,362 Sales Commission Expense 4,643 Inventory Motor Vehicle 103 42,198 Utilities Expense 6,100 158 84,000 Wage Expense 34,330 155 Office Furniture 23,040 Office Supplies Office Supplies Expense PAYG Withheld Prepaid Insurance Prepaid Rent Rent Expense Sales Commission Expense Sales Revenue Service Revenue Unearned Revenue Utilities Expense Utilities Payable Wage Expense 242 Wages Payable 104 16,792 602 40 106,772 261 6,781 Net Operating Profit 141 7,920 14,560 1,820 1,944,366 142 606 Non-Operating Income and Expenses 607 4,643 Interest Revenue 5,362 401 1,803,234 402 28,998 PAYG Withheld 6,781 241 7,740 GST Collected 21,216 33,359 608 6,100 243 2,033 Net Profit (Loss) Before Tax 609 34,330 1,977,725 15,669 TOTAL 520,963 2,143,873 Relevant information: 1. Adjusting Items: |Description Date 31/8/21 The motor vehicle is depreciated using the straight line method. It has a useful life of 10 years and a zero residual value. The business has 7 sales staff. Each sales staff member's GROSS wage is $2100 per fortnight [PAYG withheld of $378). At the end of the month, the business owed its sales staff 1 week worth of wages and that is yet to be recorded. 31/8/21 |Received $28380 (including GST) from a customer at the start of August 2021 for provision of some advanced cleaning services. At the time, the amount was recorded as unearned revenue and GST collected. The business managed to deliver these services by the end of August 2021. 31/8/21 On August 1, 2021 the business deposited $19200 into a fixed deposit at ABC Bank. The interest offered was at 8% per annum and paid quarterly. The interest on the $19200 fixed deposit acrrued by the end of the month is yet to be recorded. 31/8/21 On August 1, 2021 the business paid $18018 (including GST) for 9 months of office rent. This was recorded at the time as Prepaid Rent and GST Paid. 31/8/21 On August 11, 2021 the business purchased 15 packs of markers worth $660 (including GST) which were recorded as Office Supplies and GST Paid. Heracles counted the markers at the end of August 2021 and found that 1 packs of these markers have been consumed but their consumption has not been recorded. 31/8/21 The office furniture is depreciated using the straight line method. It depreciates at 25% per annum and is assumed to have a zero residual value. 31/8/21 The business hires 5 general office assistants. Each assistant is paid a NET wages of $748 per week [PAYG withheld of $120). At the end of the month, the business owed its office assistants 2 weeks of wages and that is yet to be recorded. 31/8/21 On August 1, 2021 the business paid $9801 (including GST) for 9 months of business insurance. This was recorded at the time as Prepaid Insurance and GST Paid. 31/8/21