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The transactions above have been journalised and posted. The adjusted trial balance is below. Skate 'n'...

The transactions above have been journalised and posted. The adjusted trial balance is below.
Skate 'n' Surf
Adjusted trial balance
as at 30 June 20XX
Account no. Account Debit Credit
100 Cash at bank 10,965
110 Accounts receivable 12,740
120 Inventory 40,470
130 Prepaid insurance 3,245
171 Shop equipment (cost) 32,600
172 Accumulated depreciation - shop equipment 408
200 Accounts payable 30,480
210 PAYG withholding payable 50
220 Superannuation payable 90
230 Bank loan 29,221
300 Capital 30,900
400 Sales revenue 23,900
410 Sales returns and allowances 560
420 Discount received 2,010
500 Cost of sales 12,410
600 Advertising expense 1,550
610 Depreciation expense 408
620 Discount allowed 205
640 Insurance expense 295
650 Interest expense 121
660 Postage and stationery expense 330
670 Superannuation expense 90
680 Telephone expense 170
690 Wages expense 900
$117,059 $117,059

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(a)

Prepare the statement of profit or loss for June.

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Answer #1

Skate n Surf Profit and Loss Account For the Period ended 30th June 20XX 1) Income Sales Revenue Less: Sales returns and al

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