Question 1 of 20 - 11212 ASP Take-home Assignment - Part B 21/3/2024, 4:57 pm

11212 ASP Take-home Assignment - Part B

Question 1 of 20 - / 15

View Policies

Current Attempt in Progress

Michael Rau founded Michael's Fishing Supplies on 1 July 2019. The adjusted trial balance at 30
June 2020 (the end of the financial year) is shown below.

Michael's Fishing Supplies

Adjusted trial balance
as at 30 June 2020

Account Debit Credit

Cash at bank $11,160

Accounts receivable 22,680

GST receivable 1,940

Fishing supplies 5,400

Prepaid insurance 2,700

Boat 32,400

Accumulated depreciation — boat $16,200

Accounts payable 5,400

Salaries payable 1,840

Interest payable 2,810

Mortgage payable 7,020

Unearned revenue 6,050

GST payable 3,240

https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=4e17de4c-8f8a-43ed-81b9-5789d44d2dbe#/question/0 Page 1 of 5
Question 1 of 20 - 11212 ASP Take-home Assignment - Part B 21/3/2024, 4:57 pm

Michael Rau, capital 16,200

Michael Rau, drawings 12,960

Sales 54,570

Salaries expense 12,640

Insurance expense 970

Interest expense 540

Depreciation expense 3,780

Fishing supplies expense 1,840

Rent expense 4,320

$113,330 $113,330

Prepare closing entries to be made on 30 June 2020. ( Enter debit entries first, followed
by credit entries. Credit account titles are automatically indented when the amount is
entered. Do not indent manually.)

Date
2020 Particulars Debit Credit

June
30

(Close income accounts to

profit or loss summary)

30

https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=4e17de4c-8f8a-43ed-81b9-5789d44d2dbe#/question/0 Page 2 of 5
Question 1 of 20 - 11212 ASP Take-home Assignment - Part B 21/3/2024, 4:57 pm

(Close expense accounts to

profit or loss summary)

30

(Close profit or loss

summary to capital)

30

(Close drawings to capital)

Prepare a post-closing trial balance as at 30 June 2020.

Michael's Fishing Supplies

Post-closing trial balance
as at 30 June 2020

Account Debit Credit

https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=4e17de4c-8f8a-43ed-81b9-5789d44d2dbe#/question/0 Page 3 of 5
Question 1 of 20 - 11212 ASP Take-home Assignment - Part B 21/3/2024, 4:57 pm

$ $

$ $

https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=4e17de4c-8f8a-43ed-81b9-5789d44d2dbe#/question/0 Page 4 of 5
Question 1 of 20 - 11212 ASP Take-home Assignment - Part B 21/3/2024, 4:57 pm

Save for Later Attempts: 0 of 1 used Submit Answer

https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=4e17de4c-8f8a-43ed-81b9-5789d44d2dbe#/question/0 Page 5 of 5