Please review the following examples and provide the journal entries required.

Show all workings.

Round your answers to the nearest Rand

(a) Dhillon Incorporated recorded a salary expense of R120,000 in the financial year ending 30 June 2022. However, additional salaries of R10,000 had been earned by employees, but not paid or recorded at 30 June 2022. Furthermore, there was a request by an employee to pay his July salary in advance of R5,000. This is under consideration by management. What adjustment will be required to close off the books for the financial year? (2)

(b) Ponds Corporation makes adjusting entries monthly and is busy with closing off its March records. During March the company paid R60,000 for rent and as a result at 31 March, the general ledger shows rent as a debit balance of R60,000. Rent is charged at a rate of R12,000 per month. What adjusting entry is necessary at 31 March? (3)

(c) Net International bought packing materials to the value of R10,000 during the 2022 financial year. This was fully paid for via the companys bank account. R6,000 was consumed during the year and another R2,000 was considered to have defects which were non-repairable with no right of return to the supplier. The companys policy is to record unused consumables at year end as inventory. What should the closing year end journal entry be? (4)

(d) Hair and Nail Salon Pty Ltd sells six-month subscriptions for its monthly magazine with revenue earned evenly across the months. Subscriptions sell for R800 per subscription. On 1 January, they receive a total cash amount for 10 subscriptions. To record this transaction, bank was debited with the total cash earned and unearned subscription revenue (income received in advance) was credited for the same amount. As of 31 January, what adjusting entry is necessary to close off the January books? (5)

(e) The following information is available for Beta, a trader, for the year ended 31 March 2022. Trade receivables at 31 March 2022 R119,750 Provision for doubtful debts at 1 April 2021 R2,528 2 Bad debts for the year ending 31 March 2022 were R2,050. No entry has yet been passed. Further to this the company policy is to provide for a doubtful debt of 2% on trade receivables. (7)

Please provide the journal entries to account for:

1. The bad debt entry
2. The provision for bad debt entry