Question
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:
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. 320 2 The Repairs expense incurred but not paid at year-end. $360 3 The supplies account had a $50 debit balance on 1 June 2021. Supplies of $370 were purchased during the year and supplies of $60 are on hand as at 31 May 2022. $? You calculate $? 4 Depreciation on Motor Vehicle is yet to be recorded. $350 5 The Insurance Expense ledger balance includes amount for insurance in June 2022. $300 6 The business paid for a Professional Secretary (PS) Magazine annual subscription on 1 December 2021. The prepaid subscription for the full year was $720 Required: Journalise the required adjusting entries for the month of May. Narrations are not required.
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