Instant Clothing Alterations is run by Marc Giannopolous in the local shopping centre. The business prepared the following unadjusted and adjusted trial balances at 30 June 2019.

Required

Prepare the adjusting entries that account for the differences between the two trial balances and explain the nature of each entry. The only account affected by more than one adjustment is Alterations Revenue. Ignore GST.

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Account Cash Accounts receivable Supplies Prepaid insurance Office furniture Accumulated depreciation Accounts payable Salaries payable Interest payable Loan payable Unearned alterations revenue Marc Giannopolous, Capital Marc Giannopolous, Drawings Alterations revenue Depreciation expense Supplies expense Electricity expense Salaries expense Rent expense Interest expense Insurance expense INSTANT CLOTHING ALTERATIONS Trial Balances as at 30 June 2019 Trial balance Debit $ 10100 31520 3050 6160 60 560 82 200 13800 74640 34160 2460 $318650 Credit $ 23020 17 680 33 600 4030 36230 204 090 $318650 Adjusted trial balance Debit Credit $ 10100 33 850 2180 3720 60 560 82 200 6380 870 13800 77 330 34160 3440 2440 $331 030 $ 29400 17 680 2690 980 33 600 2690 36230 207 760 $331 030