Oodle drawings fees earned rent revenue salaries

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P. Oodle, Drawings Fees Earned Rent Revenue Salaries Expense Telephone Expense Interest Expense Insurance Expense $ 12 600 11 800 1 800 180 200 196 000 32 300 86 500 124 600 4 520 3 080 36 480 $86 900 8 800 16 400 64 000 236 950 262 430 14 400 $689 880 $689 880 The following account titles are included in the chart of accounts:
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ACCY111 Spring 2016 WEEK 7 Tutorial Solutions 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, $4820. 2. Depreciation on the equipment is $3680. Depreciation on the building is $9600. 3. An advance fee payment of $600 for minor surgery to be performed in July 2016 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 $260 is accrued on the mortgage. 5. Prepaid insurance of $1340 has expired. 6. Salaries earned but not paid amount to $2360. Required A. Prepare a 10-column worksheet for the year ended 30 June 2016. B. Prepare an income statement , a statement of changes in equity and a balance sheet. C. Journalise the closing entries.
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ACCY111 Spring 2016 WEEK 7 Tutorial Solutions A. Worksheet: for the year ended 30 June 2016 Unadjusted trial balance Adjustments Adjusted Trial balance Income statement Balance sheet Account title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash at Bank 12 600 12 600 12 600 Accounts Receivable 11 800 11 800 11 800 Prepaid Insurance 1 800 (5) 1 340 460 460 Land 180 200 180 200 180 200 Building 196 000 196 000 196 000 Acc. Depn Building 86 900 (2) 9 600 96 500 96 500 Equipment 32 300 32 300 32 300 Acc. Depr. Equipment 8 800 (2) 3 680 12 480 12 480 Accounts Payable 16 400 16 400 16 400 Mortgage Payable 64 000 64 000 64 000 P. Oodle, Capital 236 950 236 950 236 950 P. Oodle, Drawings 86 500 86 500 86 500 Fees Earned 262 430 (3) 600 261 830 261 830 Rent Revenue 14 400 14 400 14 400 Salaries Expense 124 600 (6) 2 360 126 960 126 960 Telephone Expense 4 520 4 520 4 520 Interest Expense 3 080 (4) 260 3 340 3 340 Insurance Expense 36 480 (5) 1 340 37 820 37 820 $689 880 $689 880 Depr. Exp Building (2) 9 600 9 600 9 600 Depr. Exp. Equipment (2) 3 680 3 680 3 680 Interest Payable (4) 260 260 260 Salaries Payable (6) 2 360 2 360 2 360 Rates Payable (1) 4 820 4 820 4 820 Unearned Fees (3) 600 600 600 Rates Expense (1) 4 820 4 820 4 820 22 660 22 660 710 600 710 600 190 740 276 230 519 860 434 370 Profit for the year 85 490 85 490 276 230 276 230 519 860 519 860
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ACCY111 Spring 2016 WEEK 7 Tutorial Solutions B. P. OODLE, VETERINARY SURGEON Income Statement for the year ended 30 June 2016 INCOME Fees earned $261 830 Rent income 14 400 276 230 EXPENSES Salaries expense $126 960 Depreciation expense building 9 600 Depreciation expense equipment 3 680 Telephone expense 4 520 Interest expense 3 340 Insurance expense 37 820 Rates expense 4 820 190 740 PROFIT $85 490 P. OODLE, VETERINARY SURGEON Statement of Changes in Equity for the year ended 30 June 2016 P. Oodle, Capital 1 July 2015 $236 950 Add: Profit for the year 85 490 $322 440 Less: Drawings during the year (86 500) P. Oodle, Capital 30 June 2016 $235 940
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ACCY111 Spring 2016 WEEK 7 Tutorial Solutions P. OODLE , VETERINARY SURGEON Balance Sheet as at 30 June 2016 CURRENT ASSETS Cash at bank $12 600 Accounts receivable 11 800 Prepaid insurance 460 Total current assets $24 860 NON-CURRENT ASSETS Equipment $32 300
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