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At its recent financial year end, 31 December 2019, Biotek Ltd identified the following transactions that require end-of-period adjustment. Record the appropriate adjusting entries. 1.
At its recent financial year end, 31 December 2019, Biotek Ltd identified the following transactions that require end-of-period adjustment. Record the appropriate adjusting entries. 1. On 1 October 2019 Biotek Ltd paid S9,000 for 6 months' rent in advance. The payment 2. On January 1 2019 Biotek had $200 of supplies on hand. During the year the company was recorded debiting prepaid rent. purchased $1,300 of supplies and debited supplies inventory account. A count on December 31 determined that S90 of supplies are still on hand. Biotek received S900 on 12 December from Krauss Ltd for services expected to be completed by 31 December. The payment was credited to Unearned Revenue. Analysis reveals that only two thirds of those fees were earned in December. S1,300 is owed to employees for work done in December 2019 On 1 December Biotek received $1,500 for two months' rent in advance for a portion of its building rented to Biosoft Ltd. The payment was credited to unearned rent revenue 3. 4. 5. 6. Bank interest of $400 earned by Biotek Ltd at 31 December 2019 will be paid on January 2019
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