Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How to deal with adjustment general journal entrieslike this question? Should l just write the additional Informationinto the journal entries? 128,080,000 128,080,000 Additional Information Insurance

image text in transcribedimage text in transcribed

How to deal with adjustment general journal entrieslike this question?

Should l just write the additional Informationinto the journal entries?

image text in transcribedimage text in transcribed
128,080,000 128,080,000 Additional Information Insurance was paid 1 April 2019 for 12 months . Advertising was paid 1 February 2019 for 6 months . Prepaid Rent revenue for 3 months was received June 1 2019 Deposits for sales not yet delivered at 30 June 2019 totalled $100,000 Interest earned by not yet received at 30 June 2019 totalled $20,000 . Wages incurred but not yet paid at 30 June 2019 totalled $600,000 . Vehicles purchased 1 July 2017 are depreciated at 20 percent per annum reducing balance . Buildings are depreciated at 5 percent per annum. . Bad debts to be written off 30 June 2019 $320,000 . The allowance for Doubtful Debts is to be raised to 3 percent of Accounts Receivable at 30 June 2019 Required Prepare any necessary balance day adjustment general journal entries at 30 June 2019Oobi Ltd retails children's clothing. Its Trial balance as at 30 June 2019 was as follows DR CR Bank 600,000 I Accounts Receivable 16,000,000 . Allowance for Doubtful Debts 300,000 Inventory 12,400,000 Prepaid Insurance 480,000 Vehicles 6,000,000 Less Accumulated Depreciation of Vehicles 1,200,000 Buildings 60,000,000 Accumulated Depreciation of Building 3,000,000 Accounts Payable 3,000,000 Prepaid Rent Revenue ' 2,400,000 Mortgage I 14,000,000 Capital 60,000,000 Electricity 1,000,000 Wages 9,000,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

9th edition

1-119-49356-3, 1119493633, 1119493560, 978-1119493631

More Books

Students also viewed these Accounting questions

Question

The personal characteristics of the sender

Answered: 1 week ago

Question

The quality of the argumentation

Answered: 1 week ago