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The financial year for uChampion (UC) ends on 31 May. The following adjusting entries need to be recorded for the month ending 31 May
The financial year for uChampion (UC) ends on 31 May. The following adjusting entries need to be recorded for the month ending 31 May 2022: 1 The Revenue ledger balance includes unearned revenue. 100 2 The Repairs expense incurred but not paid at year-end. $120 3 The supplies account had a $10 debit balance on 1 June 2021. Supplies of $160 were purchased during the year and supplies $? of $20 are on hand as at 31 May 2022. You calculate $? 4 Depreciation on Motor Vehicle is yet to be recorded. $190 5 The Insurance Expense ledger balance includes amount for insurance in June 2022. $140 6 The business paid for a Professional Secretary (PS) Magazine annual subscription on 1 December 2021. The prepaid subscription for the full year was... $300 Required: Journalise the required adjusting entries for the month of May. Narrations are not required. 12 marks
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