Question
Please refer to Chapter 15 Balance Day Adjustments learning materials to complete the following questions: Please follow the extract of the accounting Policies and Procedures
Please refer to Chapter 15 Balance Day Adjustments learning materials to complete the following questions: Please follow the extract of the accounting Policies and Procedures of Milo Ltd. based on accrual accounting as below:
You are working with Complete Business Services on the year-end adjustments for one of your clients, Milo Ltd. You are required to comply with the following information given by the client to finalise the year-end adjustment entries: Ledger Account balances (prior to any Balance Day Adjustments) as of 30 June 2018:
Additional Information
Task 8 Prepare general journal entries for the balance day adjustments, reversing general journal entries (for some accounts only) on 1 July 2018, and adjustment entries to record inventory variance. Note: you need to provide the narration/description in each journal entry.
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