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Can i please get help with adjusted entries am not able to find out how to do adjustments? FlixCity & Gaming Summary of Adjustments for
Can i please get help with adjusted entries am not able to find out how to do adjustments?
FlixCity & Gaming Summary of Adjustments for July 2016 Flix City se & Gaming Adjustment No: Adjustment Descriptions 1 2 3 4 5 Of the deposits received in advance, $650 worth of Gaming services were performed on 4/7/16 of the deposits received in advance, $480 worth of Gaming services were performed on 15/7/16 Of the deposits received in advance, $155 worth of Gaming services were performed on 27/7/16 Recognise the interest for July on the CBA loan at 4.5% p.a. of the closing June Loan Payable balance Recognise the depreciation for July on the Equipment assets - $2,525.00 per month. Recognise the depreciation for July on the Building - $250.00 per month. Recognise the expired advertising expense for the month of July * Recognise the expired insurance expense for the month of July * Receive a electricity bill amounting to $635 for the month of July treat the expired expense as a full month for July (i.e do not calculate days expired, just the full month) 6 7 8 9 Additional information: 1. As previously noted, each monthly repayment paid to the CBA is made up of both principal and interest components. This interest component must be calculated and accrued in the Interest Payable account at the end of each month. The interest rate that CBA charges Nicholas is 4.5% p.a. of the outstanding loan at the end of the last period (i.e. June). Nicholas now needs to prepare and post the adjusting entries to the T-Accounts, which will then allow him to prepare the Adjusted Trial BalanceStep by Step Solution
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