Prepare the fully classified statement of financial position

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Reference no: EM132280452

Question - 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

 

$1,000

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

Required -

(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).

Reference no: EM132280452

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