Question 2 (15 marka REQUIRED Answer parte 1 to based on each questions requirements. Note narrations are not required for journal entries and round all numbers to the nearest whole dollar where appropriate Show all workings where appropriate. Use the templates below to set out your answer On the 1 September 20119 Jacobson Limited paid insurance premiums of $19.000 for 12 months to 31 August 2020. The entire amount was recorded as an prepald asset when the amount was paid. Nedjuntments how been made to the accounting records since the payment was made, it is now 30 June 2020 (balance date) process the necessary adjusting journal for the insurance premium maria) 2. Jacobson Limited has performed services for a customer who had previously paid in advance. The total amount received was $8,200 and was recorded as service revenue Jacobson Limited has now completed of the work as at 30 June 2020. Prepare the adjusting journal as at 30 June 2020. (2 marks) outline 2 efects on the financial statements it the adjusting joumal in 2.a had not been processed by Jacobson Limited (2 marks) On 1 Sure 2020. dacobson Limited purchased SS.000 for consumables/Supplies (petrol, oil and spare parts) on account. The assistant accountant is unsure how this shoulet be journaled in the accounting records Prepare a journal online 2020 to account for the purchase 2 marks b. Adrive the assistant accountant of any further procedures tequired on 30 June 2020 with respect to the supplies. (2 maris) cobus Limited says its employees weekdy on Mondays for the previous week (Monday Friday anly). The daily wages expense is $2.500. The balance date for Jacobson Limited is Thursday 20, 2070 Prepare the journal entry to acero wages to the balance date 30 June 2020 (2 marks] b. Prepare the journal entry to record the payment of winges the following Monday 6th July 2020. (2. marks) 5. Jacobson Limited has performed services for 10.000 during the month of lune which has not yet been invoiced to the client (1 mark) REQUIRED Answer parts 1 to 5 based on each question's requirements. Note narrations are not required for journal entries and round all numbers to the nearest whole dollar where appropriate Show all workings where appropriate Use the templates below to set out your answer 1. On the 1 September 2019 Jacobson Limited paid insurance premiums of $18,000 for 12 months to 31 August 2020. The entire amount was recorded as an prepaid asset when the amount was paid. No adjustments have been made to the accounting records since the payment was made it is now 30 June 2020 (balance date process the necessary adjusting journal for the insurance premium 2 marks 2. Jacobson Limited has performed services for a customer who had previously paid in advance. The total amount received was $8.200 and was recorded as service revenue lacobson Limited has now completed of the works at 30 June 2020. Prepare the adjusting joumal as at 30 June 2020. (2 marks) Outline effects on the financial statements if the adjusting journal in 2 had not been processed by Jacobson Limited a marki 3. On1 June 2020. Jacobson Limited purchased $5,000 for consumables supplies (petrol oil and spare parts) on account. The assistant accountant is unsure how this should be journaled in the accounting records Prepare a journal on 1 June 2020 to account for the purchase. (2 marks Advise the assistant accountant of any further procedures required on 30 June 2020 with respect to the cupplies (2 marks) faccion Limited pays its employees weekly on Mondays for the previous week (Aonday-Friday only. The daily wages expense is $2.500 The balance date for Jacobson Limited is Thursday 10th June, 2020 Prepare the journal entry to accrue wages to the balance date 30 June 2020 (2 marks) b. Prepare the journal entry to record the payment of wages the following Monday 4th July 2020.2 marks 5. acobson Limited has performed services for 510,000 during the month of lune which has not yet been invoiced to the client 01 mark
