Information below is provided for a retail business which sells household appliances and electrical goods.

Required

1. Prepare General Journal entries for the balance day adjustments as at 30^th June, in the current year.

for:

1. The business received its electricity bill on 29 June, for $823. This covered usage of electricity from 20 March to 20 June. The bill was filed and will be paid by the due date of 10 July.
2. The business paid $1 260 on 1 September last year for twelve months car insurance. At the time of the transaction, Insurance Expense was debited and Cash at Bank credited, for $1 260.
3. Employees are paid every Monday morning for the previous five day working week. $1,200 of wages was paid on Monday 2^nd July.
4. A customer paid a deposit of $400 on 29 June, for a three-month service contract commencing 1 July. On 29 June, the accountant recorded a debit to Cash at Bank of $400 and a credit of $400 to Service Fees Revenue account.
5. The business met their sales goal of 100 Phillips brand televisions sold for June. They expect to receive commission revenue of $550 from Phillips in the last week of July.

2. Separately show your workings or provide an explanation of your reasoning for each of the transactions.