HI, i need help in posting these adjusting enteries into general journal. within this - the date , account name and corresponding values need to be put into debit or credit. please see file. GSt inclusive = divide by 11 (AUD tax on good and service)
l. Adjustinglt'ems: 0n 1 Jan 2020, the business paid 513 365 [including GST} for 9-months' worth of business insurance. This was 3 U01f2020 recorded at the time as Prepaid Insurance and GST Paid. The business obtained a bank loan for the amount of 524mm on the 1 Jan 2020. The bank charges interest of 31f01f2020 5% per annum and interest pavmenls are due quarterlv. The interest on 524000 is yet to be recorded. The bank loan is due in June 2021. The motor vehicle is depreciated using the straight-line method. It has a useful life of 9 vears and a zero 3 u01f2020 residual value. Received 55280 [including GST] from a client at the start of the month for providing consultation. The amount 3 U01f2020 was initiallv recorded as unearned revenue and GST Collected on the? Jan 2020. The business provided the consultation service on the 3 1 Jan 2020. The business hires 16 emplovees. Each emplovee is paid a GROSS wage of 5192 per week [PAYG withheld of 3110112020 5144]. At the end of the month, the business owed its employees 2-weeks of wages that has yet to be recorded. The business hires 5 general office assistants. Each assistant is paid a NET wage of $1408 per fortnight [PAYG 3 U01f2020 with held of 5226]. At the end of the month, the business owed the office ass istanls 1-week of wages that has vet to be recorded. The office furniture is depreciated using the straight- line method. It depreciates at 25% per annum and is 31f01f2020 assumed to have a zero residual value. (in 1 Jan 2020, the business paid 56050 [including EST) for 5-months' worth of rent for the office. This was 31,!'01f2020 recorded at the time as Prepaid Rent and GST Paid. On 11 Jan 2020, the business purchased 10 toners worth of 5440 [including EST] and recorded the amounls as 3 U01f2020 Office Supplies and GET Paid. Mr. Augustus counted the toners on 3 1 Jan 2020 and found that 3 of these toners have been consumed. Unadjusted Trial Balance "For Month Ending 31/1/2020" Acc. No. Account Dr 101 Cash 344,520 102 Accounts receivable 52,716 103 Inventory 89,686 104 Office Supplies 15,886 111 GST Paid 12,408 141 Prepaid Insurance 12,150 142 Prepaid Rent 37,968 143 Interest Receivable 4,594 155 Office Furniture 28,512 156 Accum, Depreciation - Office Furniture 21,384 158 Motor Vehicle 50,480 159 Accum. Depreciation - Motor Vehicle 20,160 201 Accounts Payable 22 422 222 GST Collected 30,822 240 Interest Due 241 Jnearned Revenue 12,874 242 Wages Payable 2,610 243 Utilities Payable 3 480 244 Consulting Fees Payable 2,600 25 1 Bank Loan 129,600 261 PAYG Withheld 7,120 301 Capital 217,792 302 Drawings 10,590 401 Sales Revenue 269,080 402 Service Revenue 39,136 103 Interest Revenue 4,594 501 Cost of Good Sold 53,816 601 Computer Expense 1,244 602 Office Supplies Expense 603 Interest Expense 504 Consulting Expense 5,200 605 Insurance Expense Rent Expense 607 Sales Commission Expense 13,454 108 Utilities Expense 8,700 609 Wage Expense 26,100 610 Advertising Expense 5,650 651 Depreciation Expense - Motor Vehicle 655 Depreciation Expense - Office Furniture TOTAL 783,674 783,674
