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The followings are the selected transactions of David \& Sons for the year ended 30 June 2022. 1. The company purchased a one-year insurance policy during the financial year 2020-2021. The policy was going to expire on the 1st day of April 2022. However, the prepaid insurance on the 1st day of July 2021 was $9000.00 (2 marks) 2. The sales staff is being paid weekly for a five-day week. On the last day of financial reporting, it was realised that $9600 for the current week would be paid on the 3rd day of July 2022. The current week ends on the 2nd day of July 2022 (2 marks) 3. The total sales revenue consists of $1985 that is deposited by Mr James for the products. However, these products have not yet been shipped to Mr James (2 marks) 4. The stationary of $7564.00 was charged to the office supplies expenses during the financial year ended on the 30th day of June 2022 . However, it is realised that the stationary of $613 is still useful that can be used near (2 marks) 5. A bank loan is due, and the company is paying interest on this loan annually for the calendar year on the 31st day of December. The interest on the loan for the current calendar year ending on the 31st day of December 2022 is $5000 (1 mark) Required: Prepare the adjusting entries for the above situations as on 30 June 2022. ANSWER: The followings are the selected transactions of David \& Sons for the year ended 30 June 2022. 1. The company purchased a one-year insurance policy during the financial year 2020-2021. The policy was going to expire on the 1st day of April 2022. However, the prepaid insurance on the 1st day of July 2021 was $9000.00 (2 marks) 2. The sales staff is being paid weekly for a five-day week. On the last day of financial reporting, it was realised that $9600 for the current week would be paid on the 3rd day of July 2022. The current week ends on the 2nd day of July 2022 (2 marks) 3. The total sales revenue consists of $1985 that is deposited by Mr James for the products. However, these products have not yet been shipped to Mr James (2 marks) 4. The stationary of $7564.00 was charged to the office supplies expenses during the financial year ended on the 30th day of June 2022 . However, it is realised that the stationary of $613 is still useful that can be used near (2 marks) 5. A bank loan is due, and the company is paying interest on this loan annually for the calendar year on the 31st day of December. The interest on the loan for the current calendar year ending on the 31st day of December 2022 is $5000 (1 mark) Required: Prepare the adjusting entries for the above situations as on 30 June 2022