31 Dec ACC100 T3 2017 Group Assignment questionBased on
ACC100 T3 2017 Group Assignment questionBased on the unadjusted trial balance for Cowan Village Travel on 31 December 2017, and the additional information provided below, you are required to:a)Record the balances below in appropriateledger accountsb)Post transactions (shown in additional information) to the general ledger accountsc) Prepare a trial balanceafter posting all transactionsd) Prepare a Statement of Change in Owner’s Equitye) Prepare the Income Statementf) Prepare a Classified Balance sheet in report formg) Any member or members of each group will be chosen at random by tutors, to explain parts b) and g) answers, in the week 10 tutorial. Cowan Village Travel Trial Balance 31 December 2017 $ $ Debit Credit Cash at bank 15,000 Accounts receivable 30,000 Supplies 3,200 Prepaid insurance 7,500 Prepaid rent 12,000 Land 300,000 Building 500,000 Equipment75,000 Accounts payable 12,000 Unearned service revenue 25,500 Mortgage payable 100,000 Tom Doherty, capital 660,000 Tom Doherty, drawings 23,000 Service revenue 257,200 Salary expense 65,000 Telephone expense 24,000 Supplies expense Total 1,054,700 1,054,700Additional information:a. Accrued salaries, $3,000b. Depreciation on building, $50,000c. Depreciation on equipment, $3,000d. Accrued service revenue, $12,000e. Unearned service revenue earned during 2017, $7,200f. Prepaid rent expired, $6,000g. Expired prepaid insurance by 31 December 2017, $4,000h. Supplies counted on 31st December 2017 amounted to $2,500Marking guidea) 24 marksb) 16 marksc) 10 marksd) 10 markse) 10 marksf) 15 marksg) 15 marksPlease refer to the ACC100 subject outline (page 9) for instructions about submission of the group assignment.
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