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The following information relates to: Hair Consultancy Group.

Hair Consultancy Group.

Unadjusted Trial Balance as at 30^th September 2019

	Debit $	Credit $
Bank	1,330
Accounts Receivable	18,190
Allowance for Doubtful Debts		700
Prepaid Rent	4,000
Journal Subscriptions Prepaid	2,500
Fixtures and Fittings	55,600
Accumulated Depreciation on Fixtures and Fittings		5,800
Goodwill	100,000
Accounts Payable		1,300
Consulting Service Revenue Received in Advance		7,000
M. Smith - Capital		138,000
M. Smith Drawing	11,900
Consulting Service Revenue		62,970
Rent expense	9,000
Salaries expense	13,250
	215,770	215,770

Additional Information:

1. Bad Debts of $190 are to be written off. The Allowance for Doubtful Debts is to be adjusted to 5% of Accounts Receivable.

2. Prepaid Rent includes of $4,000 for rent for the months of September and October 2019.

3. Fixtures and Fittings are depreciated on a straight -line basis: cost price was $55,600 estimated scrap value is $600 and the estimated economic life if 10 years.

4. The account Consulting Services Revenue received in Advance, includes $3,000 which is now earned in September 2019.

5. Journal Subscription Prepaid includes $500 for Journals to be delivered in October 2019.

6. Salaries accrued but unrecorded on 30 September 2019, $3,780

Required:

1. General Journal entries to record the balance day adjustments on 30 September 2019.
2. Closing entries on 30 September 2019
3. Reversing entries on 1^st Oct 2019
4. A fully classified Balance Sheet as at 30th September 2019, showing Net Assets.

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