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Question 1 B - Journal closing entries.

Question 1 (15 Marks) Australia Works Pty Ltd provides employment placement services. The unadjusted trial balance on 30 June 2016 below was prepared by the accountant. The following additional information is available at 30 June 1 Unused supplies on hand on 30 June totalled $180. 2. The Unearned Fees account includes $825 received for fees earned during June. 3. Office Equipment has a useful life of ten years with no residual value. No additions or disposals were recorded during the year. 4. Advertising costing $1350 was consumed during the year. 5. The Directors declared a dividend of $10,000. Credit AUSTRALIA WORKS PTY LTD Unadjusted Trial Balance as at 30 June 2016 Account Debit Cash at bank $ 14560 Accounts receivable 14 230 GST receivable 1 470 Prepaid advertising 2 120 Office supplies 750 Office equipment 34 620 Accumulated depreciation-office equipment Accounts payable Uneamed fees GST payable Share Capital Retained Eamings Placement fees revenue 12 240 Salaries expense 62 500 Telephone expense 2 120 $144.610 $ 2280 11 670 2 580 3220 10 000 14 240 100 620 Rent expense $144 610 Required A. Prepare a 10-column worksheet for the year ended 30 June 2016. (marks) B. Journalise the closing entries. (4 marks) C. Prepare any relevant reversing entries. Where no reversing entry is required, explain why (4 marks)

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