Question

plzz adjusted trial balance, income statement and balance sheet for question

End of Chapter Problem 4.6 The trial balance of Chelsea Elliott, marketing services provider, at 30 June 2015 was as follows: Chelsea Elliott, Marketing Services Unadjusted trial balance as at 30 June 2015 Account Debit Credit Cash at bank 57,940 Accounts receivable 22,130 GST receivable 2,650 Prepaid rent 2,140 Prepaid insurance 2,780 Office supplies 4,100 Office equipment 12,440 Accumulated depreciation - office equipment $2,520 Accounts payable 2,860 Unearned fees 1,120 Loan payable - due 2015 9,380 GST payable 2,220 C Elliott, capital 16,930 C Elliott, drawings 53,040 Fees revenue 141,150 Salaries expense 58,340 Telephone expense 6,220 Rent expense 10,400 $182,180 $182,180 ZYour answer has been saved and sent for grading. See Gradebook for score details Using the following information, prepare adjusting entries. Use the accounts shown in the trial balance and these additional accounts: salaries payable, interest payable, telephone account payable, depreciation expense, office supplies expense, insurance expense, interest expense. (Enter debit entries first, followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not Indent manually. Round answers to o decimal places, e.g. 1,525.) 1. 2. 3. 4. 5. 6. 7. 8. Interest expense of $530 has accrued on the loan payable. A physical count of office supplies on 30 June shows $570 of unused supplies on hand. Depreciation of the office equipment this year is estimated to be $1,040. Half the amount in the unearned fees account had been earned by the end of the year. The amount in the prepaid rent account covers this June and the next 2 months. Of prepaid insurance, 60% expired this period. Salaries expense accrued for the last 4 days in June amounts to $1,690. The telephone expense for June of $680 has not been recorded or paid. No tax invoice has been issued.

Answer 1

Adjusting entries:
Sl no	Account titles and explanation					Debit	Credit
1	Interest expense					530
	Interest payable						530
	(Interest accrued on loan)
2	Supplies expense			(4100-570)		3530
	Supplies						3530
	(Supplies used)
3	Depreciation expense					1040
	Accumulated depreciation-Office equipment						1040
	(Depreciation recorded)
4	Unearned fees			1120*(1/2)		560
	Fess revenue						560
	(Fees earned)
5	Rent expense			2140*(1/3)		713
	Prepaid rent						713
	(Rent expired)
6	Insurance expense			(2780*60%)		1668
	Prepaid insurance						1668
	(Insurance expired)
7	Salaries expense					1690
	Salaries payable						1690
	(Salaries expense accrued)
8	Telephone expense					680
	Telephone expense payable						680
	(Telephone expenses accrued)
		Adjusted trial balance
Account titles					Debit	Credit
Cash at bank					7940
Accounts receivable					22130
GST receivable					2650
Prepaid rent			(2140-713)		1427
Prepaid insurance			(2780-1668)		1112
Office supplies			(4100-3530)		570
Office equipment					12440
Accumulated depreciation-Office equipment				(2520+1040)		3560
Accounts payable						2860
Unearned fees			(1120-560)			560
Loan payable						9380
GST payable						8220
Interest payable						530
Salaries payable						1690
Telephone expense payable						680
C. Elliott,capital						16930
C. Elliott,drawings					53040
Fees revenue			(141150+560)			141710
Salaries expense			(58340+1690)		60030
Telephone expense			(6220+680)		6900
Rent expense			(10400+713)		11113
Interest expense					530
Supplies expense					3530
Depreciation expense					1040
Insurance expense					1668
					186120	186120
		Income statement
					$	$
Fees revenue						141710
Less: Expenses
Salaries expense					60030
Telephone expense					6900
Rent expense					11113
Interest expense					530
Supplies expense					3530
Depreciation expense					1040
Insurance expense					1668	84811
Net income						56899