STUDENT NO ( 12001996)

2.0 Transactions for the month of June 2020 & Year End Adjustments

UES THE FIRST 6 DIGITS OF YOUR STUDENT ID NUMBER AS THE AMOUNTS FOR CAPITAL CONTRIBUTION AND CASH REVENUE FOR JUNE; e.g. if your student number is '12001234', thenthe amounts for capital contribution and services rendered in cash are '$120,012' each.

#

Transactions for the month of June 2020

Amount

1

Invested cash in her business account

2

Services rendered in cash

3

Services provided on credit

$30,000

4

Paid cash for 12-month insurance premium on 1 June 2020

$2,400

5

Paid rent for June

$30,000

6

Paid wages for June

$40,000

7

Purchased Motor Vehicle in cash on 1 June 2020

$60,000

8

Received a bill for utility for June

$4,000

9

Received a bill for telephone for June

$1,500

10

Owner withdrew money for personal use

$5,000

#

Adjusting Entries as of 30 June 2020

Amount

a

Accrued superannuation for June

$3,800

b

Depreciation Expense for Equipment

?

c

Insurance premium expired for June

?

d

2% of the accounts receivable amounts expected to be uncollectable

?

e

Overlooked bank servicing fee withdrawn

$10

Note.

Emma purchased Motor vehicle on 1 June 2020. Motor Vehicle has a useful life of 5 years and no salvage value. The business uses a straight-line method

Emma paid 12-months insurance premium on 1 June 2020, and the payment was recorded on with a debit to 'Pre-paid Insurance' and a credit to 'Cash'

Emma uses the allowance method to account for bad debts expense

3.0 General Journal (for June transactions)

#

Accounts

Debit

Credit

1

Owner's contribution

2

Cash sales for the month

3

Credit sales for the month

4

Prepaid 12-month insurance premium

5

Rent payment

6

Wages payment

7

Motor vehicle purchase in cash

8

Utility expense incurred

9

Telephone expense incurred

10

Owner's drawings