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Debit $ Credit $ Prepaid insurance 28080 Supplies 16800 Equipment 195000 Accumulated depreciationequipment 39000 Bank loan 156000 Rent revenue received in advance 72540 Rent revenue
Debit $ | Credit $ | |
Prepaid insurance | 28080 | |
Supplies | 16800 | |
Equipment | 195000 | |
Accumulated depreciationequipment | 39000 | |
Bank loan | 156000 | |
Rent revenue received in advance | 72540 | |
Rent revenue | 468000 | |
Wages expense | 109200 |
An analysis of the accounts shows the following adjustments that need to be made:
- The equipment depreciates $3250 per month.
- The rent revenue received in advance was for 9 months commencing 1 June.
- Interest of $1950 is accrued on the bank loan.
- Supplies on hand total $5600.
- The benefits of prepaid insurance expire at the rate of $2340 per month.
Required
Prepare the adjusting entries at 30 June 2019.
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