Income Statement and Balance Sheet Financial Report Writing - Accounting Assignment Help

Assignment Task

Task    

Complete all tasks below using the templates and information provided, ensuring the relevant data and information is accurately entered and formatted to meet industry standards.Create balance day adjustment entries as at 30/6/2017 entries for the following transactions. Folios are not required for these journals. Use account names as appropriate, and you must include a narration for each journal.

• Wages to be accrued for 30 June - $1,000
• Interest earned but not yet received for June - $550
• Record Insurance paid as a prepayment on 1/6/2017. The amount of $2,400 (ignore GST) was for 12 months commencing 1/6/2017.  This entry is to be treated as a standing journal.
• Fee income received $5,000 in June was for services yet to be provided.
• Depreciation on Motor Vehicles for the year was calculated to be $4,500.
• Annual Leave provision balance is to be $11,000 at 30/6/2017. The opening balance was $5,000 at 1/7/2016 and the payments to employees during the year were $4,500. 

General Journal

• Date    Details    Debit    Credit
• 1/6/2017    Prepaid Insurance    2,400    
•     CAB        2,400
•     (Paid in advance – Insurance)        
• 30/6/2017    Wages    1,000    
•     Accrued Expenses         1,000
•     (Balance Day – ADJ)        
• 30/6/2017    Prepaid Insurance    2,400    
•     Insurance Expense        2,400
•     (Balance Day – ADJ)        
• 30/6/2017    Accrued Revenue    550    
•     Interest Received        550
•     (Balance Day – ADJ)        
• 30/6/2017    Fee Revenue    5,000    
•     Revenue Received in Advance        5,000
•     (Balance Day – ADJ)        
• 30/6/2017    Depreciation Expense – MV    4,500    
•     Accumulated Depreciation - MV        4,500
•     (Balance Day – ADJ)        
• 30/6/2017    Annual Leave Expense    10,500    
•     Provision for Annual Leave        10,500
•     (Adjust the annual leave provision to reflect liability as at 30/6/2017 (11,000-(4,500-5,000))        
• 1/7/2017    Accrued Expense    1,000    
•     Wages        1,000
•     (Reverse Entry)        
• 1/7/2017    Interest Revenue    550    
•     Accrued Revenue        550
•     (Reverse Entry)        
• 1/7/2017    Revenue Received in Advance    5,000    
•     Fee Revenue        5,000
•     (Reverse Entry)        
• 1/7/2017    Insurance Expense    2,200    
•     Prepaid Insurance        2,200
•     (Reverse Entry)        
• 2.    From the following 30/6/2017 Trial Balance you are to create an Income Statement and Balance Sheet. Inventory at the end of the period was $3,500.

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