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27/09/2017 Question 1 Print by: Golam Al Maruf Rashik 200973_2017_spr: 200973 (Spring 2017) Techniques in Financial Accounting / Main Assignment * Question 1 The trial balance of Chelsea Elliott, marketing services provider, at 30 June 2015 was as follows: Chelsea Elliott, Marketing Services Unadjusted trial balance as at 30 June 2015 Account Debit Cash at bank $6,690 Accounts receivable 18,660 GST receivable 2,240 Prepaid rent 1,810 Prepaid insurance 2,350 Office supplies 3,460 Office equipment 10,490 Accumulated depreciation office equipment $2,120 Accounts payable 2,410 Unearned fees 950 Loan payable due 2015 7,910 GST payable 6,930 C Elliott, capital C Elliott, drawings 14,280 44,720 Fees revenue Salaries expense Credit 119,030 49,190 Telephone expense 5,250 Rent expense 8,770 $153,630 $153,630 * Question 1 Using the following information, prepare adjusting entries. Use the accounts shown in the trial balance and these additional accounts: salaries payable, interest payable, telephone account payable, depreciation expense, office supplies expense, insurance expense, interest expense. (Enter debit entries first, followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 1,525.) 1. Interest expense of $450 has accrued on the loan payable. 2. A physical count of office supplies on 30 June shows $480 of unused supplies on hand. 3. Depreciation of the office equipment this year is estimated to be $880. 4. Half the amount in the unearned fees account had been earned by the end of the year. 5. The amount in the prepaid rent account covers this June and the next 2 months. 6. Of prepaid insurance, 80% expired this period. 7. Salaries expense accrued for the last 4 days in June amounts to $1,430. 8. The telephone expense for June of $580 has not been recorded or paid. No tax invoice has https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 1/3 27/09/2017 Question 1 been issued. Chelsea Elliott, Marketing Services General journal adjusting entries Date Particulars 30 June 2015 Debit Credit 1. (Accrued interest on loan payable) 2. (Office supplies used) 3. (Depreciation on office equipment) 4. (Fees revenue received previously, now earned) 5. (Rent expense for June) 6. (Insurance prepaid now expired) 7. (Accrued salaries payable) 8. (Telephone expense for June) Attempts: 0 of 1 used * Question 1 The parts of this question must be completed in order. This part will be available when you complete the part above. * Question 1 https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 2/3 27/09/2017 Question 1 The parts of this question must be completed in order. This part will be available when you complete the part above. Copyright 2000-2017 by John Wiley & Sons, Inc. or related companies. All rights reserved. https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 3/3