Paddle Ltd commenced operations on 1 March 2020 as accountants. The trial balance for the business is:

Paddle Ltd Trial Balance as at 30 June 2020
	Debit $	Credit $
Cash	32 000
Accounts receivable	13 500
Prepaid insurance	3 600
Supplies	3 500
Equipment	50 000
Land	120 000
Accounts payable		2 200
Fees revenue received in advance		4 500
Bank loan		15 000
Share capital		96 200
Fees revenue		108 000
Wages expense	1 500
Office expenses	900
Rates expense	300
Rent expense	600
	$225 900	$225 900

• You are required to prepare adjusting journal entries for the 30 June.

			There was $1 500 of supplies on hand at 30.6.2020
General Journal
Date		Accounts and narration		Debit $	Credit $
30.6		Supplies expense		$1,500

			Rates of $500 was owing at 30.6.2020
General Journal
Date		Accounts and narration		Debit $	Credit $
30.6		Accrued expenses		$500

			Clients have not yet been invoiced for completed services of $3,200
General Journal
Date		Accounts and narration		Debit $	Credit $
30.6		Accounts receivable		$3,200

			Insurance for 12 months was prepaid on 1.3.2020.
General Journal
Date		Accounts and narration		Debit $	Credit $
30.6