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Question 12 (10 marks) You are provided with the following unadjusted trial balance as at 31st March 2022 for Drip Dry Cleaning Services. Required: Using
Question 12 (10 marks) You are provided with the following unadjusted trial balance as at 31st March 2022 for Drip Dry Cleaning Services. Required: Using the following information, prepare adjusting journal entries at as 31st March 2022. Narrations ARE NOT required. 1. The business purchased a 1-year insurance policy for the period 1st March 2022 to 28th February 2023 for $18,000. The purchase was recorded as Prepaid Insurance at the date of purchase. 2. On 1st March 2022 , Treetops Hotel paid the business $3,600 for dry cleaning services to be provided for the next three (3) months. At the end of March 2022 , $2,400 of services had not yet been provided by the business. 3. During the month of March 2022 , the business purchased $5,230 of Dry-Cleaning Supplies on credit. On 31st March 2022 , $2,630 worth of Dry-cleaning supplies were still on hand. 4. The business received its electricity bill from AusEnergy for the period 1st January, 2022 to 31st March, 2022 for $4,800. The account remains unpaid and unrecorded at 31st March 2022 . 5. The monthly depreciation on the Dry-Cleaning Equipment is $2,100
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