The adjusted trail balance of Echuca Golf Club as at 30 June 2016, at the end of the entity's accounting year, follows: Additional data taken into account in the preparation of the above adjusted trial balance at June 30 2016:
Echuca Golf Club
Adjusted trial Balance
as at 30 June 2016
| Account |
Debit |
Credit |
| Cash at Bank |
$866 |
|
| Accounts Receivable |
2,722 |
|
| Supplies |
1,107 |
|
| Prepaid insurance |
687 |
|
| GST Receivable |
647 |
|
| Golf Equipment |
23,079 |
|
| Accumulated Depreciation-golf equipment |
|
$9,209 |
| Building |
40,099 |
|
| Accumulated Depreciation-building |
|
5,478 |
| Accounts payable |
|
5,865 |
| Interest payable |
|
710 |
| Telecommunication expense Payable |
|
320 |
| Wages and salaries payable |
|
362 |
| Unearned fees revenue |
|
1,098 |
| GST payable |
|
1,502 |
| Loan from ABC Bank Ltd (non-current) |
|
23,370 |
| C. Harpreet Capital |
|
26,243 |
| C. Harpreet Drawings |
9,000 |
|
| Fees revene |
|
24,832 |
| Depreciation expense- golf equipment |
2,010 |
|
| Depreciation expense- building |
963 |
|
| Wages and salaries expense |
8,940 |
|
| Insurance expense |
1,704 |
|
| Interest Expense |
1,451 |
|
| Electricity expense |
1,701 |
|
| Council rates expense |
883 |
|
| Supplies expense |
2,130 |
|
| Telecommunication expense |
1,000 |
|
1. Unearned fees revenue earned during the year, $554
2. Prepaid insurance expired during the year, $1704
3. Accrued interest expense, $710
4. Supplies used during the year, $2130
5. Fees revenue earned but not received, $786
6. Depreciation for the year: golf equipment, $2010; building, $963
7. Accrued wages and salaries expense, $362
8. The June telecommunications costs for $320 are unrecorded. No tax invoice has been received.
Required:
a) Prepare the unadjusted trail balance, show the adjustment and complete the worksheet.
b) Prepare the income statement and statement of changes in equity for the year ended 30 June 2016 and a classified balance sheet as at 30 June 2016.
c) Record closing entries in the general journal.