Question
Prepare an adjustment entry for the prepaid cleaning contract with Abbattoir Services Pty Ltd - $13,200 (included GST) was paid on 15/6/2022 for cleaning
Prepare an adjustment entry for the prepaid cleaning contract – with Abbattoir Services Pty Ltd - $13,200 (included GST) was paid on 15/6/2022 for cleaning services covering 6 months period from 1/6/2022 to 30/11/2022.(Hint: Remember the rule stated in the Accounting Standard AASB1031, refer to the theory question Q11. In your calculation remember to consider these points: How much the prepaid expense was planned for each month, and how much prepaid expense had been utilized in the month of June, and how much-prepaid expense remaining at end of June.) trial balance figure is $13,380, what figure do I use and what is the over all pre paid amount.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To prepare an adjustment entry for the prepaid cleaning contract we need to follow these steps Step 1 Understand the Total Expense and Duration Total ...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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