Question
a. Rent expires (is used up) at a rate of $700 per month. b. Monthly depreciation on equipment is $300. c. Interest on the 6
a. Rent expires (is used up) at a rate of $700 per month. b. Monthly depreciation on equipment is $300. c. Interest on the 6 per cent promissory note is paid quarterly on 1 April, 1 July, 1 October and 1 January. d. Performed services for which payment was received in April $800. e. Received electricity bill to be paid next month $500. f. Services to customers earned during June but unrecorded at 30 June, $2500. g. Supplies on hand totalled $1500 at 30 June. h. Owed employees for salaries for the last week of June to be paid in July $800. i. Prime Group prepares adjusting entries each quarter. Adjustments were last made on 31st march.
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