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Johnson owns Piano Tuning Service. The Trial Balance at 30th June 2013 is shown below: Account Account no. Debit Credit Cash at Bank 1100 $ 6 560 Accounts Receivable 1200 7 760 Prepaid Insurance 1300 380 Supplies 1400 420 Motor Vehicle 1500 42 800 Accumulated Depreciation-Motor Vehicle 1510 $16 050 Accounts Payable 2000 880 Interest Payable 2100 3 880 Bank Loan 2200 14 000 Johnson, Capital 3000 23 110 ------------------------ $57,920 $57,920 =============== Transactions completed during the year ended 30 June 2014 are summarised below: 1. Tuning Fees of $57,000 were receivable during the year; $47,900 of this total was received in cash. The reminder consisted of transactions of credit. 2. Revenue from Piano repairs was $48 700. Cash received totalled $33,500, and accounts receivable increased by $15,200. 3. Supplies costing $750 were purchased during the year on credit. 4. On 1 January 2014, John paid $6000 off the bank loan plus interest of $1800. The interest payment consisted of $880 accrued up to 1 July 2013 and a further $920 which accrued for the period to 31 December 2013. 5. Petrol and oil for the vehicle cost $5,300 in cash. 6. Insurance on the vehicle, paid in advance, was $1,680. 7. Telephone expense of $4,480 was paid. 8. Accounts receivable of $27 800 were collected, and $4,000 was paid on accounts payable. 9. Johnson withdrew $65,000 cash from the business. The following information relating to adjusting entries is available at the end of June, 2014: 10. A physical count showed supplies costing $400 on hand at 30 June, 2014. 11. Accrued interest on the bank loan is $420. 12. Insurance costing $1,500 expired during the year. 13. Depreciation on the vehicle is $10 700. 14. The June telephone account for $380 has not been paid or recorded. Open T accounts for the accounts listed in the trial balance and the accounts below: Account Account Number Telephone Expense Payable 2300 Johnson, Drawings 3100 Piano Tuning Fees Revenue 3200 Piano Repair Fees Revenue 4100 Petrol & Oil Expense 5000 Telephone Expense 5100 Supplies Expense 5200 Insurance Expense 5300 Depreciation Expense-Vehicle 5400 Interest expense 5500 Required: I.        Prepare journal entries to record the transactions (1-9) completed in the year to 30 June, 2014 II. Post the entries to Accounts Marks 2 III. Prepare and post the adjusting entries Marks 3 IV. Prepare a 10-column worksheet for the year ended 30th June, 2014 Marks 5 V. Prepare an Income Statement, a statement of changes in Owners’ Equity and a balance- sheet for the year ended 30th June, 2014 Marks 6 VI. Prepare the closing entries Marks 1 VII. Comment on the performance of the business based on their financial statements (500 words).