I NEED HELP ASAP!!!! Leo's driving school started operation on the 1...

90.2K

Verified Solution

Question

Accounting

I NEED HELP ASAP!!!!

image

image

Leo's driving school started operation on the 1 June 2021. All journal entries were posted to T-Accounts and listed below by 30 June 2021. The opening balance for all T-Accounts is zero. Cash at Bank Accounts Receivable (A) 318200 (B) 5400 (E) 6300 (F) 3500 (C) 4200 (G) 8800 (H) 4300 (1) 2400 Supplies 3300 (K) Prepaid Advertising 5400 (J) (D) 2600 (B) 1800 Vehicle 42000 Accumulated Depreciation - Vehicle (L) 650 (C) Accounts Payable (D) Unearned Revenue 2200 (F) 3300 (M) 3500 Loan Payable (C) Capital (A) 37800 318200 Drawings 4300 (H) Service Revenue (E) (G) (M) 6300 8800 2200 Supplies Expense 2600 Advertising Expense 1800 (K) (J) Electricity Expense 2400 Depreciation Expense - Vehicle (L) 650 (0) Required a. Complete the following Statement of Changes in Equity. For money amounts, round your answer to the nearest dollar. Do not include $. Do not use comma separators. Do not use negative numbers nor brackets. For example, 123456 would be the correct format. Leo's driving school Statement of Changes of Equity for the year ended 30 June 2021 Capital 01/07/2020 $ Add Owner's Contribution $ Add Profit/Less Loss Less Drawings $ Capital 30/06/2021 $ b. Select the effect if the following transactions were NOT recorded. Transaction (J) Transaction (K)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students