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clear handwriting please use. HOMEWORK NO. 5 - RECORDING AND ADJUSTING ENTRIES Accounting period start on January 1, 2020 and ends on December 31, 2020.
clear handwriting please
use. HOMEWORK NO. 5 - RECORDING AND ADJUSTING ENTRIES Accounting period start on January 1, 2020 and ends on December 31, 2020. FOLLOWING ARE THE RECORDING ENTRIES June 1: - Owner named Ahmed Zaki stated a business named Accountempts plc. and brought $40,000 cash and furniture amounting $20,000 July 1: The business purchased motor vehicle amounting $3,600 and office equipment amounting $7,200 July 20: The business performed services amounting $6,000 and received amount in cash. August 10: The business paid utility expenses in cash 3,000. Note: Expense has been incurred. August 15: Owner withdrew $2,000 from the business for his personal August 31: Business paid $6,000 in advance for 6 advertisements in the T.V. The advertisement will appear on the T.V on the dates Sep 15 2020, Sep 30 2020, Nov 1 2020, Dec 1 2020. Jan 2021 and Jan 31 2021. September 30: Received $12.000 cash for future services to be provided to a customer. October 1: Paid office rent in advance $8,000 for 4 months. November 1: Paid $4,800 cash for 12 months of insurance through October 31" of the next year. November 1: Paid $4,000 in cash to an accountant for the future accounting services FOLLOWING ARE THE ADJUSTING ENTRIES December 31: services worth amounting S2,400 has been provided but cash has to be received yet. December 31: Total depreciation on motor vehicle for the period July 1to December 31" is $600 and on office equipment is $1,200. December 31: An adjusting entry is required for the T.V advertisements paid on August 31". December 31: Services worth $3,200 are not yet provided to the customer who paid on September 30th. December 31: Of the accounting services paid for on November 1, 51,200 worth of services has not been received. December 31: A portion of the insurance paid for on November 1 has been used/expired. An adjustment is required to be made in this regards, December 31: Salaried incurred for the months of December 2020 amounting $3,200 are still payable. December 31: Interest income amounting S900 for the quarter ending on December 31" has been earned but not received yet. December 31: Communication expenses worth S600 for the month of December 2020 has been incurred but not paid yet. December 31: Office rent paid on November 1' need to be adjusted. JOURNAL ENTRIES: - Date Journal Entry Debit (S) Credit (S) Step by Step Solution
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