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Question - The following information relates to Magic Hair Salon Pty Ltd on 30 June 2021.
Motor Vehicle 180,000
Prepaid Rent 18,000
Salary Expenses 96,000
Cash at Bank 130,000
Service Revenue 213,000
Depreciation expense - Motor Vehicle 18,000
Accounts receivable 17,000
Electricity Expense 9,200
Owner, Drawings 6,000
Unearned revenue 16,000
Supplies Expense 14,800
Accounts payable 13,000
Capital ?
Bank Loan 23,000
Accumulated Depreciation- Motor Vehicle 80,000
Required -
a) Prepare the closing entries for the business. Narration is not required.
b) Prepare the post-closing trial balance for the business.
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