Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Using Xero, how do I solve specifically the first one and also how to do it by a manual journal entry for this be? Note
Using Xero, how do I solve specifically the first one and also how to do it by a manual journal entry for this be?
Note Purchased and paid $1,360 for gardening supplies
Step by step plz and if time can all be solved if not at least the first one ! thanks
PLEASE NOTE: The next five transactions are adjusting entries which you are required to enter as manual journal entries. From the accounting menu select manual journals. 31/05/2023 On the 31st May 2023 , only $420 worth of gardening supplies purchased on the 12th May remained on hand. (Add a new expense account "Gardening Supplies Expense". Use "515" as the Account Code. Ensure you SAVE the details.) 31/05/2023 Interest expense on the bank loan is accrued at $750 per month. The interest is paid to the bank quarterly and the first interest payment is due on the 1st August 2023. (Add a new current liability account "Interest Payable". Use "210" as the Account Code. Ensure you SAVE the details.) 31/05/2023 Depreciation on the Gardening Equipment is $2,400 per year. All assets are depreciated for a full month regardless of the date acquired. 31/05/2023 Record the insurance expense expired for the month of May 2023. 31/05/2023 Wages of $1,020 are owed to casual employees as at 31 May 2023 and will be paid on the 6th June 2023Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started