Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help with this account question. thanks! The following balances have been taken from the unadjusted trial balance of Burwood Electric Services as at 30
Need help with this account question. thanks!
The following balances have been taken from the unadjusted trial balance of Burwood Electric Services as at 30 June 2016. \begin{tabular}{|l|r|r|} \hline & Debit S & Credit S \\ \hline Rent Expense & 13,000 & \\ \hline Office Supplies & 3,690 & \\ \hline Insurance Expense & 3,300 & \\ \hline Unearned Revenue & & 6,200 \\ \hline Office Equipment & 10,000 & \\ \hline Accumulated Depreciation- Office Equipment & & 6,000 \\ \hline \end{tabular} Followin 5 additional information is available for which ho adjusting entries have been made: (i) Depreciation of $1,500 has to be provided for the office equipment for the year ended 30 June 2016 . (ii) Insurance Expense of $3,300 does not include $300 payable for the month of June 3016 . (iii) Office Supplies worth $500 were still on hand as at 30 June 2016. (iv) Rent expense of $13,000 includes $1,000 paid for the month of July 2016. (v) Unearned revenue of $6,200 includes $5,000 for services completed by 30 June 2016. (vi) Bank interest $500 payable for June 2016 has not been recorded in the books. Required: Prepare the general journal entries required to make necessary adjustments. Include narrations. Record YOUR ANSWER (below)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started