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It is now 30 June and your business is preparing adjustments via a worksheet. Complete the following adjustments in the worksheet (if no adjustment is
It is now 30 June and your business is preparing adjustments via a worksheet. Complete the following adjustments in the worksheet (if no adjustment is necessary enter " 0 " in the relevant box) and then answer the 3 questions at the bottom of the table. Ref \# column in the worksheet refers to the number next to the adjustment information. Do not include punctuation in your numerical answers. 1 Prepaid $12,000 rent on 1 April for six months. Adjustments have been done for all months except June. 230 June is a Sunday. Wages are paid fortnightly ($6,000) with the last payment made on Friday 21 June. As the busienss operates from Monday to Friday we need to accrue one week. 3 Earned $2,500 of Subscriptions Revenue which had been paid in advance by the client. 4 Work in Progress (for Services) is calculated to be $8,200. 5 Office Supplies were counted on 30 June. They totalled $3,800. 6 Depreciation for June is $1,500. 7 Interest on Note Payable is $500. This is payable in July. Has this business made a profit or loss? What are total assets (remember contra accounts) Will owners equity increase or decrease
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