Above is the Unadjusted Trial Balance as at 30 June 2022 for Here If You Need, a retail business specialising in netball uniforms and equipment. It is owned and operated by Gail Shooter.

Gail is the sole proprietor and does a lot of the business bookkeeping during the year, however she sends information through to Prider & Copeland Accounting Services at the end of the financial year for any necessary balance day adjustments to be completed.

On the following page is additional information that Gail has provided to you in relation to the year ended 30 June 2022.

You are a Graduate Accountant at Prider & Copeland Accounting Services. It is now the end of the financial year Gail has provided you with the following additional information:

REQUIRED:

Write general journal entries

Based on the information provided below, record the necessary adjusting journal entries required.

Journals must be correctly formatted and include a narration (explanation) for each entry.

Use the General Journal templates provided on the following pages.

1. On 30 June 2022, Gail reviewed her outstanding Accounts Receivable balance. Based on her previous experience, she has estimated that 2% of this balance is unlikely to be collected.

2. On 1 February 2022, Gail took out a 2-year insurance policy for her inventory, contents and vehicles and cost $16,320. This policy was paid for from the business bank account on the same day and was recorded as Prepaid Insurance.

3. Gail conducted a count of her stationery cupboard on 30 June 2022. This count revealed that office supplies still on hand at that time were $3,700.

4. Both the Furniture & Fittings and the Delivery Van are expected to be used evenly over their useful lives. The expected total useful lives and residual values of both assets is as follows:

	Estimated Useful life	Estimated Residual
Furniture & Fittings	10 years	$10,000
Delivery Van	8 years	$20,000

5. During the year, Gail purchased a new computer and printer package for the office. The package cost $3,200 and was purchased on 1 November 2021. Gail has estimated that the package will have a useful life of 4 years, after which she expects to be able to sell it for $800.

6. Office Salaries which are payable but have not yet been recorded at 30 June 2022 are $3,140.

7. A custom-made set of netball uniforms costing $2,150 were ordered and paid for by a customer on 25 June 2022. At the time of the sale, Gail recorded this amount as Sales Revenue. Gail has confirmed with the manufacturer that the uniforms will not be delivered and available for the customer until at least 5 August 2022.

8. Gails last telephone bill for the business was for the month ending 31 May 2022, and this account was paid in early June. She has not yet received the June account but has estimated that the cost of her telephone and internet usage up until 30 June 2022 was $970.

Here If You Need Unadjusted Trial Balance For the vear ended 30 lne 2020