ccount ash at bank ccounts receivable ccrued revenue upplies repaid insurance Debit Credit $ 8660 19360 7860 11070 6870 owling equipment 230790 ccumulated depreciation – bowling equipment $ 85290 uilding 400990 ccumulated depreciation- building 54780 ccounts payable 58650 hterest payable 7100 lages and salaries payable 3620 nearned fees revenue 10980
ccount ash at bank ccounts receivable ccrued revenue upplies repaid insurance Debit Credit $ 8660 19360 7860 11070 6870 owling equipment 230790 ccumulated depreciation – bowling equipment $ 85290 uilding 400990 ccumulated depreciation- building 54780 ccounts payable 58650 hterest payable 7100 lages and salaries payable 3620 nearned fees revenue 10980
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please help experts
![Financial statements from an adjusted trial balance; adjusting and closing entries
Non-GST version
The adjusted trial balance of Brompton Bowling Alley at 30 June 2023, the end of the entity's
accounting year, follows.
BROMPTON BOWLING ALLEY
Adjusted trial balance
as at 30 June 2023
Account
Debit
Credit
Cash at bank
$ 8660
Accounts receivable
19360
Accrued revenue
7860
Supplies
11070
Prepaid insurance
6870
Bowling equipment
230790
Accumulated depreciation – bowling equipment
$ 85290
Building
400990
Accumulated depreciation – building
54780
Accounts payable
58650
Interest payable
7100
Wages and salaries payable
3620
Unearned fees revenue
10980
Loan from XYZ Bank Ltd (non-current)
233700
B. Awls, capital
270980
B. Awls, drawings
90000
Fees revenue
248320
Depreciation expense - bowling equipment
20100
Depreciation expense - building
9630
Wage and salaries expense
89400
Insurance expense
17040
Interest expense
14510
Electricity expense
17010
Council rates expense
8830
Supplies expense
21300
$973420
$973420
Additional data taken into account in the preparation of the above adjusted trial balance at 30
June 2023.
1.Unearned fees revenue earned during the year, $5540.
2.Prepaid insurance expired during the year, $16 800.
3.Accrued interest expense, $6100.
4.Supplies used during the year, $8300.
5.Fees revenue earned but not recorded, $7860.
ion for the year:
6.Depre
7.Accrued wages and salaries expense, $3620.
uipment, $20 100; buil
$9630.
Required
(a)Prepare the income statement and statement of changes in equity for the year ended 30
June 2023 and a classified balance sheet as at 30 June 2023.
(b)Record adjusting and closing entries in the general journal.
(c)Prepare any suitable reversing entries on 1 July 2023.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe898164f-9a1f-47c1-98e0-8bc5768b7865%2Fad81dd3c-a6b8-4b7d-91ad-65c88c729686%2F9vk8b8c_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Financial statements from an adjusted trial balance; adjusting and closing entries
Non-GST version
The adjusted trial balance of Brompton Bowling Alley at 30 June 2023, the end of the entity's
accounting year, follows.
BROMPTON BOWLING ALLEY
Adjusted trial balance
as at 30 June 2023
Account
Debit
Credit
Cash at bank
$ 8660
Accounts receivable
19360
Accrued revenue
7860
Supplies
11070
Prepaid insurance
6870
Bowling equipment
230790
Accumulated depreciation – bowling equipment
$ 85290
Building
400990
Accumulated depreciation – building
54780
Accounts payable
58650
Interest payable
7100
Wages and salaries payable
3620
Unearned fees revenue
10980
Loan from XYZ Bank Ltd (non-current)
233700
B. Awls, capital
270980
B. Awls, drawings
90000
Fees revenue
248320
Depreciation expense - bowling equipment
20100
Depreciation expense - building
9630
Wage and salaries expense
89400
Insurance expense
17040
Interest expense
14510
Electricity expense
17010
Council rates expense
8830
Supplies expense
21300
$973420
$973420
Additional data taken into account in the preparation of the above adjusted trial balance at 30
June 2023.
1.Unearned fees revenue earned during the year, $5540.
2.Prepaid insurance expired during the year, $16 800.
3.Accrued interest expense, $6100.
4.Supplies used during the year, $8300.
5.Fees revenue earned but not recorded, $7860.
ion for the year:
6.Depre
7.Accrued wages and salaries expense, $3620.
uipment, $20 100; buil
$9630.
Required
(a)Prepare the income statement and statement of changes in equity for the year ended 30
June 2023 and a classified balance sheet as at 30 June 2023.
(b)Record adjusting and closing entries in the general journal.
(c)Prepare any suitable reversing entries on 1 July 2023.
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