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Question - Sandox Retail has the following unadjusted trial balance as at 30 June 2020 in the table:
Accounts Debit ($) Credit ($)
Cash 8,524
Accounts Receivable 7,000
Supplies 15,000
Prepaid Insurance 300
Insurance Expense 600
Equipment 27,000
Accumulated Depreciation 12,000
Other Assets 5,100
Wages Payable 1,500
Accounts Payable 7,500
Income Tax Payable 3,150
Share Capital (3000 shares outstanding all year) 16,000
Retained Profit 10,300
Sales Revenue 95,000
COGS 32,900
Wages Expense 18,000
Supplies Expense 25,680
Income Tax Expense 5,346
Total 145,450 145,450
Required -
a) Make an Income Statement for Sandox Retail for the financial year 2019-2020.
b) Make a Balance Sheet as of 30 June 2020.
c) Prepare the closing journals for Sandox Retail.
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