(a) Using the following information, make the necessary adjusting entries for the accounting year ending 30 June. (16 Marks) The $765 telephone expense is unpaid and unrecorded at 30 June. The balance in Accumulated Depreciation at the beginning of the financial year was $51 300. 51 be $34 200. Rent of office premises of $3 165 for the 3-month period ending 31 July is due to be paid in July. Bankstown Rental Services borrowed $70 000 from Bank on 15 March. The principal, plus 8% interest, is payable on 15 September. Accrued interest on 30 June has not been recorded. Bankstown Rental Services purchased a 12-month insurance policy for $2 940 on 1 November. A 24 month policy was purchased on 1 April for $6600. Both purchases were recorded by debiting Prepaid Insurance. The Supplies account had a $1 500 debit balance on 1 July of the preceding year. Supplies costing $7 100 were purchased during the year, and $1 310 of supplies are on hand as at 30 June. On 1 June, Bankstown Rental Services received 2 months rent in advance, totalling $4 660. This was recorded by a credit to Unearned Rental Revenue. The office assistant earns $280 a day. He will be paid in July for the 5 day period ending 2 July. (b) Based on your adjusting entries prepared in requirement (

a): i. calculate the increase or decrease in profit (2 marks)

ii. calculate the increase or decrease in total assets (1 mark)

iii. calculate total liabilities and total equity. (2 marks)

please answer this part