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Yarra Stationery Store is in the city center of Sydney. At the end of the business reporting period on 30 June 2013, the following accounts appeared in two of its trial balances. All accounts have normal balances.The ending inventory was determined by a physical stock take count was $47 930.
Account
Unadjusted
Adjusted
Cash at bank
$ 21 900
$21 900
Accounts receivable
26 230
Inventory (1 July 2012)
59 170
Prepaid insurance
2 400
700
Store equipment
39 060
Accumulated depreciation - store equipment
11 560
15 660
Delivery van
9 800
Accumulated depreciation - vehicle
4 100
6 130
Accounts payable
12 780
Loan payable
15 000
Interest payable
980
Rent payable
11 500
Yarra, Capital
78 620
Yarra, Drawings
21 780
Sales
357 960
Sales returns and allowances
14 610
Discount received
1 070
Purchases
199 570
Purchases returns and allowances
12 800
Freight inwards
4 120
Sales salaries expense
43 100
Freight outwards
2 000
Discount allowed
1 800
Interest expense
2 130
3 110
Insurance expense
1 700
Depreciation expense - store equipment
Depreciation expense - vehicle
2 030
Office salaries expense
46 220
Rent expense
Required:
1) By comparing the Unadjusted Trial Balance with the Adjusted Trial Balance, journalise the adjusting entries that you can discern were made. Narrations are required.
2) Journalise the closing entries that are necessary. Narrations are required.
3) Prepare an Income Statement for the year ended 30 June 2013.
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