Question 4 Adjusting entries (2.5 marks) GST IS NOT APPLICABLE IN THE FOLLOWING TRANSACTIONS 30 June: $60,000 of Depreciation of equipment is to be recorded as the amount used for the year 30 June: Interest (GST free) revenue of $77,000 earned but not yet received or recorded 30 June: $90,000 of consultation fees previously received in advance from clients has now been earned i.e. provided to the clients 30 June: Interest expense accrued on bank loan is $84,000 (GST free) but has not been paid 30 June: $62,000 of prepaid insurance has now expired. Required: Record the adjustments above at 30 June. Narrations are not required