I am doing a group assignment for my accounting class. All relevant information has been attached below but I only need you to complete 3 parts of this assignment. These are as followed:
• Prepare the adjusting entries for the information provided below and post to the relevant ledger accounts. Then enter the adjustments in the relevant worksheet columns and prepare an adjusted Trial Balance.
• A stocktake on 30 June 2019 indicates that the balance of closing inventory is $1,416,492. Use this information to complete the remaining columns of the worksheet.
• Prepare a classified Income Statement (Statement of financial performance) and Balance Sheet (Statement of financial position) for the year ended 30 June 2019. Round all amounts to whole $ in the financial statements.
I have also highlighted these sections in the word document uploaded just in case. Please use references where necessary. Let me know if any further information is required, thanks.