Preparing Financial Statements for Hawaii Surf: A Comprehensive

School: The University of Sydney - Course: FINC 2011 - Subject: Accounting

Preparing Financial Statemen Account $ Cash at bank 10000 Surfing supplies (e.g fins, wax, wetsuits, etc)6950 Equipment (surfboards and paddleboards)10450 Surfing Lessons income12000 Wages expense2000 Surfing supplies expense 1000 Jet ski 17000 Accounts payable 7000 Accounts receivable 8000 Advertising expense 800 Joe Surfer, Capital 1 July 201935300 Drawings0 Accountant fees100 Short term loan payable 2000You have been recently employed as an Surfboards. Your job throughout this fina transactions to preparation of financial s Joe Surfer opened Hawaii Surfboards on (1) an income statement, (2) a balance s (3) a statement of changes in equity for

nts HAWAII SURFBOARDS Classifying the Accounts/Account Type accountant by Joe Surfer a sole trader of Hawaii ancial year is to take care of Joe's 'books' from recording statements. n 1 July 2019. Using the following list of accounts prepare sheet in both account format and a narrative format and r Hawaii Surfboards for the year ending 30 June 2020.

HAWAII SURFBOARDS Income Statement For the month ended 30 June 2020 INCOME$ Surfing lessons income EXPENSES Wages expense Advertising expense Surfing supplies EXPENSE Accountant fees PROFIT0

Account $ Surfing Lessons income12000 Wages expense2000 Surfing supplies expense 1000 Advertising expense 800 Accountant fees100

ACCOUNT FORMAT A= L + E AFETY HIRE Balance Sheet As at 30 June 2020 ASSETSLIABILITIES Accounts Payable 7000 Short term loan 2000 EQUITY Joe Surfer, Capital: 35 300 + 810043400 043400B HAWAII SURFBOARDS

Account $ Cash at bank 10000 Equipment (surfboards and paddleboards)10450 Jet ski 17000 Accounts payable 7000 Accounts receivable 8000 Joe Surfer, Capital 1 July 201935300 Drawings0 Short term loan payable 2000 Surfing supplies (e.g fins, wax, wetsuits, etc)6950