Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Record Adjusting Entries as of 30/6/2022 entries for the following transactions. Use account names as appropriate, and you must include appropriate narration for each journal.

image text in transcribed Record Adjusting Entries as of 30/6/2022 entries for the following transactions. Use account names as appropriate, and you must include appropriate narration for each journal. (Hint: Do not simply write the narration in just a few words "Balance Day adjustments" which is not enough. Appropriate narration must be meaningful and relevant to the journal entry recorded.) Transactions: 1. Wages to be accrued for 30 June $1,000 2. Interest earned but not yet received for June $550 3. Record Insurance paid as a prepayment on 1/6/2022. The amount of $2,400 (ignore GST) was paid for 12 months of coverage commencing 1/6/2022. 4. Fee income received of $5,000 in June was for services yet to be provided. 5. Depreciation on Motor Vehicles for the year was calculated to be $4,500. 6. Annual Leave provision balance is to be $11,000 on 30/6/2022. The opening balance was $5,000 at 1/7/2021 and the payments to employees during the financial year ended 30/6/2022 were $4,500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Auditing And Assurance Services An Integrated Approach

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Al Arens

1st Edition

0130463035, 9780130463036

More Books

Students also viewed these Accounting questions

Question

What is a state transition diagram?

Answered: 1 week ago

Question

In what ways are you similar to your closest friends?

Answered: 1 week ago