Michael Rau founded Michael’s Fishing Supplies on 1 July 2019

Michael Rau founded Michael’s Fishing Supplies on 1 July 2019. The adjusted trial balance at 30 June 2020 (the end of the financial year) is shown below. Michael’s Fishing Supplies Adjusted trial balance as at 30 June 2020 Account Debit Credit Cash at bank $15,130 Accounts receivable 30,740 GST receivable 2,640 Fishing supplies 7,320 Prepaid insurance 3,660 Boat 43,920 Accumulated depreciation — boat $21,960 Accounts payable 7,320 Salaries payable 2,490 Interest payable 3,810 Mortgage payable 9,520 Unearned revenue 8,200 GST payable 4,390 Michael Rau, capital 21,960 Michael Rau, drawings 17,570 Sales 73,980 Salaries expense 17,130 Insurance expense 1,320 Interest expense 730 Depreciation expense 5,120 Fishing supplies expense 2,490 Rent expense 5,860 $153,630 $153,630 a. Prepare closing entries to be made on 30 June 2020

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