Miscellaneous transactions and adjusting entries Platinum Fields Limited (Platinum Fields) is a South African platinum producer. Platinum Fields applies IFRS, and reports its results in millions of South African rand (R). For the year ended June 30. 2008. Platinum Fields engaged in the following transactions. Give the journal entries to record (1) each of the fol1oing transactions as well as (2) any necessary adjusting entries on June 30, 2008. You may omit explanations for the journal entries.

a. Platinum Fields rented excess office space on March 1, 2008, to a local jeweler. On that date, the jeweler paid Platinum Fields R57,000 in cash for one year’s rent.

b. On June 23, 2008, Platinum Fields paid its salaried workers R42,000 for the n weeks ending on this date. Salaried workers are paid biweekly, and salary expense does not vary greatly week to week

c. On November 1, 2007, Platinum Fields renewed its insurance policy for two more years, by paying the insurance premium of R960,000

d. On June 15, 2008, Platinum Fields purchased inventory from a supplier on credit for R235,000. As of June 30, 2008, Platinum Fields had not yet paid the supplier.

e. Platinum Fields purchased equipment on January 1, 2008, for R728,000 in cash. The equipment has zero salvage value and an expected five-year life.

f. Platinum Fields declared a dividend of R1,143,000 on March 1, 2008, and paid it in cash on June 15,2008.