Question:
The unadjusted trial balance of H's Cars Rentals is shown below (Ignore GST):
H'S CAR RENTALS Unadjusted Trial Balance as at 30 June 2016
|
Account
|
Debit
|
Credit
|
|
Cash at bank
|
$8140
|
|
|
Accounts receivable
|
14,360
|
|
|
Office supplies
|
640
|
|
|
Rental cars
|
93 600
|
|
|
Accumulated depreciation - rental cars
|
|
$39,400
|
|
Office equipment
|
6 200
|
|
|
Accumulated depreciation - office
|
|
|
|
equipment
|
|
3,500
|
|
Accounts payable
|
|
14,040
|
|
Unearned Rental fees
|
|
2,260
|
|
H. Savva, Capital
|
|
66,600
|
|
H. Savva, Drawings
|
20 600
|
|
|
Rental revenue
|
|
98,700
|
|
Insurance expense
|
8,180
|
|
|
Wages expense
|
50,620
|
|
|
Advertising expense
|
3,880
|
|
|
Maintenance expense
|
7,600
|
|
|
Fuel and oil expense
|
10,680
|
|
|
|
$224 500
|
$224,500
|
Additional information
(a) Petrol purchased on credit for $680 and used during the last week in June has not been paid for or recorded.
(b) A physical count showed office supplies totalling $340 were still on hand at 30 June.
(c) Depreciation for 1 year on the hire cars is $12 400. Depreciation on the office equipment is $980.
(d) The balance in the Advertising Expense account includes $600 prepayment for an advertising campaign beginning in July.
(e) The balance in the Unearned Rental Fees account includes $1800 received in May for rental services completed in June.
(f) The June insurance premium of $700 is overdue and has not been recorded as the invoice has not been received.
(g) Wages earned but not paid amounted to $1150
Required
A. Prepare a 10-column worksheet for the year ended 30 June 2016.
B. Prepare the income statement for the business for the year ended 30 June 2016.
C. Prepare a statement of changes in equity for the year ended 30 June 2016.
D. Prepare a balance sheet as at 30 June 2016.