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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
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).
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