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Prepare adjusting entries for Lasagne Ltd as at 30 June for the following situations: The Supplies account shows a balance of $1500, but a physical
Prepare adjusting entries for Lasagne Ltd as at 30 June for the following situations:
- The Supplies account shows a balance of $1500, but a physical count shows only $300 if supplies.
- The company purchased a 1-year insurance policy for $3600 on 1 may, debiting Prepaid Insurance.
- On 1 June, the company received $1200 from another entity which is renting a small building from William Ltd for 6 months. Lasagne Ltd credited Rent Revenue Received in Advance.
- Lasagne Ltd.s accountant discovered that the company had performed services for a client totalling $900 but has not yet invoiced the client or recorded the transaction.
- Lasagne Ltd pays employees $2000 per 5 day working week, and 30 June falls on a Wednesday.
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