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Problem 5.21 Financial statements from an adjusted trial balance; adjusting and closing entries GST version The adjusted trial balance of Brompton Bowling Alley at 30 June 2023, the end of the entity's accounting year, follows: BROMPTON BOWLING ALLEY Adjusted Trial Balance as at 30 June 2023 Account Debit Credit $ 8 660 27 220 11 070 6 870 6 470 230 790 S 85 290 400 990 Cash at bank Accounts receivable Supplies Prepaid insurance GST receivable Bowling equipment Accumulated depreciation - bowling equipment Building Accumulated depreciation - building Accounts payable Interest payable Wages and salaries payable Unearned fees revenue GST payable Loan from XYZ Bank Ltd (non-current) B. Awls, Capital B. Awls, Drawings Fees revenue Depreciation expense - bowling equipment Depreciation expense - building Wage and salaries expense Insurance expense Interest expense Electricity expense Council rates expense Supplies expense 54 780 58 650 7 100 3 620 10 980 15 020 233 700 262 430 90 000 248 320 20 100 9 630 89 400 17 040 14 510 17 010 8 830 21 300 $979 890 $979 890 Additional data taken into account in the preparation of the above adjusted trial balance at 30 June 2023. 1. Unearned fees revenue earned during the year, $5540. 2. Prepaid insurance expired during the year, $17 040. 3. Accrued interest expense, $7100. 4. Supplies used during the year, $21 300. 5. Fees revenue earned but not received, $7860. 6. Depreciation for the year: bowling equipment, $20 100; building, $9630. 7. Accrued wages and salaries expense, $3620. Required (a) Prepare the income statement and statement of changes in equity for the year ended 30 June 2023 and a classified balance sheet as at 30 June 2023. (b) Record adjusting and closing entries in the general journal. (c) Prepare any suitable reversing entries on 1 July 2023

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