QuestionÂ Â The unadjusted trial balance of Hâ€™s
Cars Rentals is shown below (Ignore GST): Â
Â Hâ€™S CAR RENTALS Unadjusted Trial Balance as at 30 June 2016Â Â AccountÂ Debit CreditÂ Â Cash at bank Accounts receivable Office supplies Rental cars Accumulated depreciation â€“ rental cars Office equipment Accumulated depreciation â€“ office equipment Accounts payable Unearned Rental fees H. Savva, Capital H. Savva, Drawings Rental revenue Insurance expense Wages expense Advertising expense Maintenance expense Fuel and oil expenseÂ $ 8 140 14 360 640 93 600Â 6 200Â Â Â Â Â 20 600Â 8 180 50 620 3 880 7 600Â Â 10 680Â Â Â Â Â $Â Â Â Â 39 400Â Â 3 500 14 040 2 260 66 600Â 98 700Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â $ 224 500Â $ 224 500Â Â Â Â Â Â Â Â Â Â Â Additional information (a) Petrol purchased on credit for $680 and used during the last week in June has not been paid for or recorded. (b) A physical count showed office supplies totalling $340 were still on hand at 30 June.
(c) Depreciation for 1 year on the hire cars is $12 400. Depreciation on the office equipment is $980. (d) The balance in the Advertising Expense account includes $600 prepayment for an advertising campaign beginning in July. (e) The balance in the Unearned Rental Fees account includes $1800 received in May for rental services completed in June. (f) The June insurance premium of $700 is overdue and has not been recorded as the invoice has not been received. (g) Wages earned but not paid amounted to $1150 Â
Required A. Prepare a 10-column worksheet for the year ended 30 June 2016.Â (14 marks) B. Prepare the income statement for the business for the year ended 30 June 2016.Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â (11 marks) C. Prepare a statement of changes in equity for the year ended 30 June 2016.Â (5 marks) D. Prepare a balance sheet as at 30 June 2016.
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