QUESTION 1: Balance Day Adjustments (18 marks) Below is the unadjusted Trial Balance as at 30 June 2020 for "Away From It All", a retail business specialising in camping and outdoor equipment. It is owned and operated by Anna Conder. Away From It All Unadjusted Trial Balance As at 30 June 2020 Credit ($) Debit ($) 107,064 127,500 561,600 19,656 13,104 159,120 47,736 187,200 74,880 108, 108 468,000 264,888 112,320 Cash at Bank Accounts Receivable Inventory Prepaid Insurance Office Supplies on hand Furniture & Fittings Accumulated Depreciation - Furniture & Fittings Delivery Van Accumulated Depreciation - Delivery Van Accounts Payable Loan Payable A. Conder - Capital (1 July 2019) A. Conder - Drawings Sales Revenue Sales Returns and Allowances Cost of Sales Discount received Freight inwards Sales Salary Expense Delivery Expense Advertising Expense Rent Expense Office Salaries Expense Telephone/Internet Expense Discount Allowed Totals 2,764,116 39,696 1,649,232 51,828 37,440 273,312 73,008 107,640 114,192 135,000 35,328 27,144 3,779,556 3,779,556 On the following page is additional information that Anna has provided to you in relation to the year ended 30 June 2020. 1. Office Salaries which are payable but have not yet been recorded as at 30 June 2020 are $4,710. 2. Anna conducted a count of her stationery room on 30 June 2020. This count revealed that office supplies still on hand at that time were $4,500. 3. Both the Furniture & Fittings and the Delivery Van are expected to be used evenly over their useful lives. The expected total useful lives and residual values of both assets is as follows: Estimated Useful life Estimated Residual Furniture & Fittings 8 years $3,000 Delivery Van 6 years $6,300 4. To assist with her business cash flow management, Anna applied to her bank on 23 February 2020 for a bank overdraft facility of $20,000 on her business bank account. The bank approved the overdraft facility on the account on 15 March 2020. 5. On 30 June 2020, Anna reviewed her outstanding Accounts Receivable balance. Based on her previous experience, she has estimated that 3% of this balance is unlikely to be collected. 6. A custom made, specially imported "Glamping" tent costing $8,230 was ordered and paid for by a customer on 25 June 2020. At the time of the sale, Anna recorded this amount as Sales Revenue. Anna has confirmed with the manufacturer that the tent will not be delivered and available for the customer until at least 25 August 2020. 7. On 1 January 2020, Anna took out a 2-year insurance policy for her inventory, contents and vehicles. This policy was paid for from the business bank account on the same day and was recorded as Prepaid Insurance. 8. Anna's last bill from her telecommunications provider for the business was for the month ending 31 May 2020, and this account was paid in early June. She has not yet received the June account, but has estimated that the cost of her telephone and internet usage up until 30 June 2020 was $900. REQUIRED: It is now the end of the financial year, and based on the information she has provided above, Anna has asked you to prepare any necessary balance day adjusting journals. Use the General Journal document provided to record the correctly formatted journal entries required and include a narration (explanation) for each entry. 110 hol