question Using the adjusted trial balance above complete the

question

Using the adjusted trial balance above, complete the general journal entries to close off the accounts for the end of the reporting period, post to and balance the general ledger accounts.

(Note: Enter accounts in ascending account number order according to the chart of accounts.)

Pro Diver Adjusted Trial Balance as at 30 June 20Xx Account Number 100 105 110 120 130 140 160 161 Account Debit Credit Bank Account Petty Cash Accounts Receivable Prepaid Insurance Prepaid Rates and Taxes GST Paid (Outlays) Buildings and Improvements (Cost) Accumula Improvements Hire Equipment (Cost) Accumulated Depreciation Hire Equipment Motor Vehicles (Cost) Accumulated Depreciation - Motor Vehicles Store Equipment (Cost) Accumulated Depreciation - Store Equipment Accounts Payable GST Collected PAYG Withholding Payable Superannuation Payable Wages and Salaries Payable Bank Loan Capital 7,219.02 200.00 7,570.00 2,496.10 350,000.00 ted Depreciation - Bldgs and 44,479.00 170 110,985.18 68,960.00 180 181 190 191 200 210 220 230 240 280 310 29,900.00 9,468.00 14,700.00 6,799.00 5,330.00 6,739.74 1,660.00 414.00 80.00 219,191.67 151,156.00

Solution

Date Description Post Ref Debit Credit 30-Jun Hire service Income 400     127,248.91 Lesson Income 410       30,810.00 Discounts Received 420           518.05 Freight Collected 430             85.00 Profit on sale of PPE 440           280.09 Income Summary 158,942.05 30-Jun Income Summary     111,127.76 Advertising 600      2,150.00 Bank Charges 605         127.10 Cleaning 610         900.00 Depreciation 615    38,658.00 Discounts Given 620         309.60 Electricity 625      3,480.50 Freight Expenses 630      1,113.26 Insurance 635      4,575.00 Interest Expenses 640    15,194.47 Motor Vehicle Expenses 645      2,610.00 Office Supplies 650         118.80 Printing and postage 655         164.55 Rates and taxes 660      1,977.00 Repair and maintenance 665         995.00 Driving instruction charges 670    14,915.45 Staff Amenities 675         260.83 Superannuation 680      1,818.60 Telephone 685      1,479.60 Wages and salaries 690    20,280.00 30-Jun Income Summary       47,814.29 Retained Earnings    47,814.29 30-Jun Capital 310       39,022.00 Drawings 315    39,022.00