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QUESTION TWO Given below is the end of year financial information of four independent companies. Ignore GST REQUIRED: Prepare the required end-of-period adjustment entries for

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QUESTION TWO Given below is the end of year financial information of four independent companies. Ignore GST REQUIRED: Prepare the required end-of-period adjustment entries for each independent case (Narrations not required) (8 marks) 1. On 1 December 2019, Dolphin Swimmers' Pool paid $2,400 (plus GST) as the insurance premium for the 12 months starting from 1 December 2019. The $2,400 was initially recorded in the prepaid insurance account. No adjusting entry has been made in relation to the expired insurance for the year ended 30 June 2020 2. At the beginning of the financial year 1 July 2019, the office supplies account of Forever Flowers Ltd showed a balance of $4,000. The company purchased more office supplies costing $9,000(plus GST) during the year and debited the full amount to the office supplies account. At the end of the accounting period a physical count revealed a stock of $2,800 worth of office supplies on hand. No adjusting entry has been made in relation to office supplies expenses for the year ended 30 June 2020 3. On 1 October 2019. Happy Lawn mowers Ltd received a $4800 (plus GST) advance payment from a customer for Lawn mowing service to be provided over the next 12 months. The $4,800 was initially recorded in the uneared income account. No adjusting entry has been made in relation to the lawn moving income eamed for the year ended 30 June 2020 (8 marks) 1. On 1 December 2019, Dolphin Swimmers Pool paid $2,400 (plus GST) as the insurance premium for the 12 months starting from 1 December 2019. The $2,400 was initially recorded in the prepaid insurance account. No adjusting entry has been made in relation to the expired insurance for the year ended 30 June 2020 2. At the beginning of the financial year 1 July 2019, the office supplies account of Forever Flowers Lid showed a balance of $4,000 The company purchased more office supplies costing $9,000(plus GST) during the year and debited the full amount to the office supplies account. At the end of the accounting period, a physical count revealed a stock of $2,800 worth of office supplies on hand. No adjusting entry has been made in relation to office supplies expenses for the year ended 30 June 2020. 3. On 1 October 2019, Happy Lawn mowers Ltd received a $4,800 (plus GST) advance payment from a customer for Lawn mowing service to be provided over the next 12 months. The $4,800 was initially recorded in the uneared income account. No adjusting entry has been made in relation to the lawn moving income earned for the year ended 30 June 2020 4 An unpaid Telephone bill for $320 for June 2020 is unrecorded. No adjusting entry has been made in relation to the June Telephone expenses for the year ended 30 June 2020

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