Reference no: EM131124972

The adjusted trail balance of Echuca Golf Club as at 30 June 2016, at the end of the entity's accounting year, follows:

Echuca Golf Club
Adjusted trial Balance
as at 30 June 2016

Account	Debit	Credit
Cash at Bank	$866
Accounts Receivable	2,722
Supplies	1,107
Prepaid insurance	687
GST Receivable	647
Golf Equipment	23,079
Accumulated Depreciation-golf equipment		$9,209
Building	40,099
Accumulated Depreciation-building		5,478
Accounts payable		5,865
Interest payable		710
Telecommunication expense Payable		320
Wages and salaries payable		362
Unearned fees revenue		1,098
GST payable		1,502
Loan from ABC Bank Ltd (non-current)		23,370
C. Harpreet Capital		26,243
C. Harpreet Drawings	9,000
Fees revene		24,832
Depreciation expense- golf equipment	2,010
Depreciation expense- building	963
Wages and salaries expense	8,940
Insurance expense	1,704
Interest Expense	1,451
Electricity expense	1,701
Council rates expense	883
Supplies expense	2,130
Telecommunication expense	1,000

Additional data taken into account in the preparation of the above adjusted trial balance at June 30 2016:

1. Unearned fees revenue earned during the year, $554

2. Prepaid insurance expired during the year, $1704

3. Accrued interest expense, $710

4. Supplies used during the year, $2130

5. Fees revenue earned but not received, $786

6. Depreciation for the year: golf equipment, $2010; building, $963

7. Accrued wages and salaries expense, $362

8. The June telecommunications costs for $320 are unrecorded. No tax invoice has been received.

Required:

a) Prepare the unadjusted trail balance, show the adjustment and complete the worksheet.

b) Prepare the income statement and statement of changes in equity for the year ended 30 June 2016 and a classified balance sheet as at 30 June 2016.

c) Record closing entries in the general journal.

Reference:

Hoggett, J., Medlin, J., Edwards, L., Chalmers, K., Hellmann, A., Beattie, C. and Maxfield, J. (2015). Accounting. 9th Edition, John Wiley & Sons Australia, Ltd.