Question
Selected accounts of Amanda's Art Supplies are shown below at 30 June of the current year before any adjusting entries have been made. Additional information
Selected accounts of Amanda's Art Supplies are shown below at 30 June of the current year before any adjusting entries have been made.
Additional information
1.Prepaid insurance represents premiums for 1 year paid on 1 April.
2.Supplies of $430 were on hand at 30 June.
3.Shop shelving, which had been purchased on 1 January, is expected to last 10 years and have a residual value of $2000.
4.Amanda collected 4 months' rent in advance on 1 June from a number of tenants.
5.Accrued salaries not recorded as at 30 June are $2400.
Required
(a)Record in the general journal the necessary adjusting entries on 30 June.Selected accounts of Amanda's Art Supplies are shown below at 30 June of the current year before any adjusting entries have been made.
Additional information
1.Prepaid insurance represents premiums for 1 year paid on 1 April.
2.Supplies of $430 were on hand at 30 June.
3.Shop shelving, which had been purchased on 1 January, is expected to last 10 years and have a residual value of $2000.
4.Amanda collected 4 months' rent in advance on 1 June from a number of tenants.
5.Accrued salaries not recorded as at 30 June are $2400.
Required
(a)Record in the general journal the necessary adjusting entries on 30 June.
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Horngrens Cost Accounting A Managerial Emphasis
Authors: Srikant M. Datar, Madhav V. Rajan, Louis Beaubien
8th Canadian Edition
134453735, 9780134824680, 134824687, 9780134733081 , 978-0134453736
