Preparation of worksheet, financial statements and closing entries
The ledger of HNM Medical Service contains the accounts and account balances shown below on 30 June 2017:
Cash at Bank
Accumulated Depreciation - Building Equipment
Accumulated Depreciation - Equipment Accounts Payable
$ 12 600 11 800 1 800 180 200 196 000
124 600 4 520 3 080 36 480 $689 880
8 800 16 400 64 000
262 430 14 400
The following account titles are included in the chart of accounts:
Depreciation Expense - Building Depreciation Expense - Equipment Rates Expense
The following information has not yet been recorded:
- Rates owing at 30 June, $4820.
- Depreciation on the equipment is $3680. Depreciation on the building is $9600.
- An advance fee payment of $600 for minor surgery to be performed in July 2017 was
- credited to Fees Earned.
- The mortgage contract provides for a monthly payment of $1000 plus accrued interest. The
- June payment was not made. The interest of $260 is accrued on the mortgage.
Semester 1 2018 Page 2 of 4
TACC401 Principles of Accounting Top Education Institute
Sydney City School of Business
5. Prepaid insurance of $1340 has expired.
6. Salaries earned but not paid amount to $2360.
- Prepare a 10-column worksheet for the year ended 30 June 2017. (20 points)
- Prepare an income statement, a statement of changes in equity and a balance sheet. (30
- Journalise the closing entries. (10 points)
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