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Question 1 The ledger of Uniform Ltd on 30 June of the current year includes these selected accounts and corresponding account numbers before adjusting entries
Question 1 The ledger of Uniform Ltd on 30 June of the current year includes these selected accounts and corresponding account numbers before adjusting entries have been prepared. Credits 100 Debits $14,040 8,030 96,950 110 120 121 200 Prepaid insurance Supplies Equipment Accumulated depreciation-equipment Bank loan Rent revenue received in advance Rent revenue Interest expense Wage expense $33,050 70,560 34,830 214,360 210 300 400 410 50,320 An analysis of the accounts shows the following. 1. 2. 3. 4. The equipment depreciates $1,530 per month. The rent revenue received in advance was for the 9 months commencing 1 April. Interest of $870 is accrued on the bank loan. Supplies on hand total $2,620. The benefits of prepaid insurance expire at the rate of $1,170 per month. 5. Required Prepare the adjusting entries at 30 June, assuming that adjusting entries are made quarterly. Additional accounts and account numbers are: 420 depreciation expense, 430 insurance expense, 220 interest payable and 440 supplies expense. (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Uniform Ltd General journal Debit Date Account and explanation Credit $ Post ref. June 30 (Depreciation for the year) June 30 (Rent revenue April-June now revenue) June 30 (Accrued interest) June 30 > (Supplies used) June 30 (Interest expense for the 3 months to June)
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