View the step-by-step solution to:

a) The trail balance of City Wide Stores is given in Appendix and following information relates to the end of reporting period adjustments for 30...

a)   The trail balance of City Wide Stores is given in Appendix and following information relates to the end of reporting period adjustments for 30 June 20XX.


1.   Inventory on hand, $8600.

2.   Wages (general) due but unpaid, $600.

3.   Insurance paid in advance, $250.

4.   It is estimated that 6% of accounts receivable will not be collected.

5.   Depreciation, expense to be charged against revenue

a.   Building, 5% per annum.

b.   Plant and equipment, 10% per annum.

c.   Motor vehicles, 33% per annum.

6.   Accrued employee entitlements:

a.   Sick Leave  $ 420

b.   Annual Leave, $3700.

c.   Long-service, $1890


You are required to prepare:


1.   end-of-period adjustments

2.   preparing an adjusted trial balance

3.   closing entries.

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question