Question
The following information is available for Oppong Corporation on June 30 for the month just ended. Interest of $250 has accrued on a bank loan
The following information is available for Oppong Corporation on June 30 for the month just ended. Interest of $250 has accrued on a bank loan and is unrecorded. $1,800 of the rent paid in advance has expired. A review of the $19,000 unadjusted balance in the prepaid insurance account shows a remaining balance of $15,900 at the end of the month. Of the $6,100 consulting fees Oppong Corporation received in advance, $3,600 has not yet been earned. Buildings purchased at the start of the month for $64,500 are estimated to have a useful life of five years. After this time, the buildings will be sold for $18,000. Prepare the required adjusting entries at June 30, 2023. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan).
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