From the following trial balance of John Brown, grocery store owner, prepared an Income Statement...
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Accounting
From the following trial balance of John Brown, grocery store owner, prepared an Income Statement for the year ended 31 December 2020, and a Statement of Financial Position as at 31 December 2020 , taking into consideration the adjustments shown below. Adjustments: i. Closing stock on 31 December 2020,$12,000. ii. Accrued wages $500. iii. Rates prepaid, $50. iv. The provision for doubtful debts to be increased to 10% of debtors. v. Telephone account outstanding, \$22. vi. Depreciate shop fittings at 10% per annum, and van at 20% per annum, using the reducing balance method
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