# B as you know all adjusting entries affect one

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b) As you know, all adjusting entries affect one balance sheet account and one income statement account. Based on your adjusting entries prepared above: 200973 Techniques in Financial Accounting |26
c) Calculate the increase or decrease in profit. d) Calculate the increase or decrease in total assets, total liabilities and total equity.
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End of Chapter Exercise 5.5 Michael Rau founded Michael's Fishing Supplies on 1 July 2016. The adjusted trial balance at 30 June 2017 (the end of the financial year) is shown below. 200973 Techniques in Financial Accounting |28 Week 6 Homework: Closing and Reversing Entries
a) Prepare closing entries to be made on 30 June 2017 b) Prepare a post-closing trial balance as at 30 June 2017 200973 Techniques in Financial Accounting |29
End of Chapter Problem 5.6 The adjusted trial balance of Brompton Bowling Alley at 30 June 2017, the end of the entity's accounting year, follows: Brompton Bowling Alley Adjusted trial balance as at 30 June 2017 Account Debit Credit Cash at bank \$6,410 Accounts receivable 20,140 Supplies 8,190 Prepaid insurance 5,080 GST receivable 4,790 Bowling equipment 170,780 Accumulated depreciation — bowling equipment \$63,110 Building 296,730 Accumulated depreciation — building 40,540 Accounts payable 43,400 Interest payable 5,250 Wages and salaries payable 2,680 Unearned fees revenue 8,130 GST payable 11,110 Loan from XYZ Bank Ltd (non-current) 172,940 B Awls, capital 194,200 B Awls, drawings 66,600 Fees revenue 183,750 Depreciation expense — bowling equipment 14,870 Depreciation expense — building 7,130 Wage and salaries expense 66,160 Interest expense 10,740 Insurance expense 12,610 Electricity expense 12,590 Council rates expense 6,530 Supplies expense 15,760 \$725,110 \$725,110 200973 Techniques in Financial Accounting |30
Additional data taken into account in the preparation of the above adjusted trial balance at 30 June 2017: 1. Unearned fees revenue earned during the year, \$4,100. 2. Prepaid insurance expired during the year, \$12,610. 3. Accrued interest expense, \$5,250. 4. Supplies used during the year, \$15,760. 5. Fees revenue earned but not received, \$5,820. 6. Depreciation for the year: bowling equipment, \$14,870; building, \$7,130. 7. Accrued wages and salaries expense, \$2,680. a) Prepare the income statement and statement of changes in equity for the year ended 30 June 2017 and a classified balance sheet as at 30 June 2017. 200973 Techniques in Financial Accounting |31
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