Part 1

Compare and contrast the purposes of adjusting entries, closing entries and reversing entries. 

Part 2 - End of Period Adjustments and Closings and Financial Statements 

The unadjusted trial balance of Jammie’s Financial Consultant, contains the following account balances as at 30 June 2018:

The following additional account titles are included in the chart of accounts:

Prepaid Insurance

Telecommunications Expense Payable

Office Supplies Expense

Depreciation Expense – Buildings

Depreciation Expense – Office Equipment

Interest Payable

Salaries Payable

The following information is also available:

1. A physical count of office supplies reveals that supplies totalling $420 are on hand at 30 June.

2. The balance in the Unearned Consulting Fees account includes $1200 earned for services rendered in the last week of June.

3. Estimated depreciation on the office equipment is $2140. Depreciation on the building is $8760.

4. A 12-month insurance policy was purchased on 1 April for $780 plus GST.

5. The June monthly mortgage payment of $900 has not been paid or recorded. In each payment, $220 is attributable to interest.

6. The June telecommunications costs for $320 are unrecorded. No tax invoice has been received.

7. Salaries of $980 were owing to employees at 30 June 2018.

Required:

1. Prepare a 6-column worksheet for the year ended 30 June 2018. Use the same format of the column worksheet provided.

2. Prepare the income statement, balance sheet (Narrative Format) and statement of changes in equity

3. Minutes of meetings attended by group members must be kept and detail attendance, work allocations, problems and resolutions to problems

- Income Statements, - Balance Sheet (Narrative Format) - Statements of Changes in Equity

AGENDA FOR GROUP ASSIGNMENT ACC104

2019 Semester 2

1. Present

2. Apologies

3. Minutes from previous meeting

4. Arising from Minutes

5. Work allocations and when they are due per person

6. Any other Business

7. Next meeting