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Prepare the financial statements for sea view tour

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Reference no: EM133176767

Question - Sea View Tour operates a large catamaran which takes tourists at several island resorts on diving and sailing excursions. The company adjusts its account at the end of each month and closes its account at the end of each year. At 31 May 2021, the accounts balances appeared as below:

Accounts

RM

Cash

55,950

Account Receivable

14,500

Shop Supplies

2,400

Prepaid Insurance

3,000

Land

104,000

Building

72,000

Accumulated Depreciation - Building

3,900

Account Payable

5,380

Wages Payable

3,900

Unearned Revenues

8,000

Notes Payable

80,000

Capital

119,750

Drawing

89,600

Services Revenue

324,420

Rent Revenue

4,000

Wages Expense

117,500

Supplies Expense

15,000

Depreciation Expense - Building

3,600

Utilities Expense

38,800

Insurance Expense

33,000

Required - Prepare the following financial statements for Sea View Tour: Balance Sheet as at 31 May 2021.

Reference no: EM133176767

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