Ms Kate Morris is the sole owner of Meowster, a pet service store that offers temporary accommodation and bathing services for cats. Following is Meowster’s Adjusted Trial Balance prepared on 30 June 2018.
Meowster Adjusted Trial Balance as at 30 June 2018 |
||
Account |
Debit |
Credit |
Cash at Bank |
$12 500 |
|
Pet Bathing Supplies |
4 400 |
|
Machines - Professional Pet Dryer |
11 500 |
|
Accounts Payable |
$ 1000 |
|
Long-Term Bank Loan |
17 100 |
|
Kate Morris, Capital |
10 000 |
|
Kate Morris, Drawings |
3 000 |
|
Bathing Service Revenue |
12 600 |
|
Accommodation Service Revenue |
7 500 |
|
Pet Bathing Supplies Expense |
5 200 |
|
Wages Expense |
5 600 |
|
Rent Expense |
4 200 |
|
Utility Expense |
1 700 |
|
Interest Expense – Bank Loan |
100 |
|
$48 200 |
$48 200 |
(a) Prepare closing entries; no narration required.
(b) Prepare the fully classified Statement of Financial Position in the narrative format, based on the post-closing balances (you are not required to show the post-closing trial balance).
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