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Question - Below is the adjusted trial balance at 30 July 2021 for Sydney Chocolate owned by Sally, M:
Cash at bank
$56,000
Machinery and Equipment
$200,000
Wages Payable
25,000
Sally, M. capital 1 July, 2020
80,000
Accounts receivable
46,000
Depreciation expense - machinery and equipment
5,000
Insurance expense
12,000
Advertising expense
15,000
Accounts payable
75,000
Wages expense
60,000
Sales revenue
200,000
Sally, M. drawings
Loan payable
100,000
Baking supplies expense
41,000
Fuel expense
10,000
Baking supplies
50,000
Prepaid Insurance
35,000
Accumulated depr. - machinery and equipment
Unearned Revenue
Required -
1. Prepare the closing entries in the general journal for Sydney Chocolate for the year ending 30 July 2021.
2. Prepare a statement of financial position in account format for Sydney chocolate as at 30 July 2021.
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