Create balance day adjustment entries as at 30/6/2022 entries for the following transactions. Folios are not required for these journals. Use account names as appropriate, and you must include appropriate narration for each journal. 

Transactions:

1. Wages to be accrued for 30 June - $1,000
2. Interest earned but not yet received for June - $550
3. Record Insurance paid as a prepayment on 1/6/2022. The amount of $2,400 (ignore GST) was paid for 12 months coverage commencing 1/6/2022. This entry is to be treated as a "Standing Journal". 

Follow the method prescribed for entry of Standing Journal)

1. Fee income received $5,000 in June was for services yet to be provided.
2. Depreciation on Motor Vehicles for the year was calculated to be $4,500.
3. Annual Leave provision balance is to be $11,000 at 30/6/2022. The opening balance was $5,000 at 1/7/2021 and the payments to employees during the financial year ended 30/6/2022 were $4,500.

 

On completion of these 30 June entries, reversing journals are to be prepared for the new financial year 1/7/2022.