Adjusted journal entry

You received $16,280 incl. GST cash in advance from clientsfor a 6-month subscription to your company featured magazine, "Humpty Dumpty". First month of subscription revenue earned from the company featured magazine, "Humpty Dumpty"

You received $13,200 incl. GST in advance from ThinkFun for repair of toys. You completed 30% of Toy repairs for ThinkFun Toys during May

You spent $748 incl. GST on miscellaneous office supplies at Officeworks. You paid for these from your bank account. Consider purchase of supplies as a prepaid asset account Office supplies on hand at 30th May is $341 incl. GST

You spent $41,800 incl. GST on a plastic welding machinery and paid for it by using your bank account. You estimate that the machinery will have a useful life of 5 years, during which you are planning to produce 16,500 units of new toys. The residual value of the machinery is $5,000. Actual number of units of toys that will be produced over the next 12 months will be 1,200 units Depreciation expense - plastic welding machinery, using the units of production method

You spent $3,113 incl. GST on a computer at Digi-Com and paid for it from your bank account. You estimate it will have a useful life of 3 years and be worth $354 at the end of the 3 years. Computer is depreciated using the diminishing balance method and the rate of depreciation is 50%. Record the purchase of the computer on this date. Depreciation expense - computer, using the diminishing balance method

You transferred surplus cash out of the bank account to an investment account. You realised that you don't need all your capital sitting in the low interest working bank account so have transferred $50,000 into a higher interest-bearing account. Record this movement in a journal entry. This account will pay you 2.5% interest per annum, credited monthly on the 6th of each month into your account. Interest earned at month end.

You opened an account with Texaco Petrol to use the businesses debit card to pay for fuel for the delivery van .You are required to pay for an invoice for a week's (27 May to 29 May) fuel bill of $484 incl. GST from Texaco Petrol. This is not yet paid yet. Record the relevant adjusting entry