Question Jean Fit is the owner of Move-It, a distributor and retailer of home fitness equipment. The following trial balance has been extracted from her business records as at 30 June 2020: Unadjusted Trial Balance as at 30 June 2020 Dr ($) Cr (S) Account Advertising expense 26,880 Salaries expense 157,320 Interest expense 4,500 Returns 17,760 22,940 Drawings: Jean Fit 33,520 Capital: Jean Fit 400,000 Building, at cost 930,500 Equipment, at cost 425,800 Interest income 24,150 Trade payables Accumulated depreciation as at 1 July 2019 - Building 215,900 186,100 Equipment 106,450 Inventory as at 1 July 2019 183,600 Purchases 906,300 Commission income 38,920 Sales 2,067,100 Rent expense 148,800 Cash at bank 94,560 Carriage inwards 20,600 Discounts 16,340 10,270 Insurance expense 63,600 Carriage outwards 23,450 Utilities expense 40,200 Trade receivables 278,100 6% Bank loan, repayable in 2026 300,000 3,371,830 3,371,830

Question Jean Fit is the owner of Move-It, a distributor and retailer of home fitness equipment. The following trial balance has been extracted from her business records as at 30 June 2020: Unadjusted Trial Balance as at 30 June 2020 Dr ($) Cr (S) Account Advertising expense 26,880 Salaries expense 157,320 Interest expense 4,500 Returns 17,760 22,940 Drawings: Jean Fit 33,520 Capital: Jean Fit 400,000 Building, at cost 930,500 Equipment, at cost 425,800 Interest income 24,150 Trade payables Accumulated depreciation as at 1 July 2019 - Building 215,900 186,100 Equipment 106,450 Inventory as at 1 July 2019 183,600 Purchases 906,300 Commission income 38,920 Sales 2,067,100 Rent expense 148,800 Cash at bank 94,560 Carriage inwards 20,600 Discounts 16,340 10,270 Insurance expense 63,600 Carriage outwards 23,450 Utilities expense 40,200 Trade receivables 278,100 6% Bank loan, repayable in 2026 300,000 3,371,830 3,371,830

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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