Internal Code: MAS3931
Browne Cleaning and Gardening Services commenced on 1 June 2017 when Lorne Browne contributed $120000 into a business bank account. Perhaps more thought could have been given to the business name. The following transactions occurred in the month of June. Ignore GST.
The accounting period closed on 30 June 2017, and the following additional data were
1. Wages owing to the assistant on 30 June amounted to $620.
2.A physical count showed that only $260 of washing supplies and $750 of fuel and oil supplies were still on hand.
3. Four weeks of advertisements had appeared in the local community newspaper up to 30 June.
4. Cleaning services of $550 had been rendered to clients on 29 June but the invoice to bill these clients had not been prepared.
5. The business had provided cleaning services to its shopping centre client for 3 weeks of the first month (assumed to be 4 weeks long).
A. Prepare journal entries to record the June 2017 transactions for Browne Cleaning and Gardening Services
B. Prepare to adjust entries. Explain the reasons for each adjusting entry that you have made.
C. Prepare an adjusted trial balance.
D. Prepare closing entries.
E. Prepare the income statement and the balance sheet as at 30 June 2017.
F. Explain how these financial statements can be used by various key stakeholders for decision-making.
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