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Adjusting entries
Interest Payable
Salaries Payable Rates Payable Unearned Fees Depreciation Expense – Building Depreciation Expense – Equipment Rates Expense The following information has not yet been recorded: 1. Rates owing at 30 June, $2120. 2. Depreciation on the equipment is $3240. Depreciation on the building is $9280. 3. An advance fee payment of $400 for minor surgery to be performed in July 2013 was credited to Fees Earned. 4. The mortgage contract provides for a monthly payment of $1000 plus accrued interest. The June payment was not made. Interest of $280 is accrued on the mortgage. 5. Prepaid insurance of $1240 has expired. 6. Salaries earned but not paid amount to $2360. Required A. Prepare a 10-column worksheet for the year ended 30 June 2013. B. Prepare an income statement, a statement of changes in equity and a balance sheet. C. Journalise the closing entries. |
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