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what are the adjusting entries for the following? opening balance attached as well for reference thank you i will upvote quickly! 1 2 3 4

what are the adjusting entries for the following? opening balance attached as well for reference

thank you i will upvote quickly! image text in transcribedimage text in transcribed

1 2 3 4 5 Sales commission earned by retail assistants during July but not paid amounted to $3,800. Salaries & Wages accrued at the end of the month amount to $4,600. Computer Equipment is depreciated at 30% per annum (using the Reducing Balance method of depreciation). Depreciation is calculated using the number of days in the month. Prepaid Insurance as at 1st July, $11,205 as per the trial balance represented the balance of the premium paid on the annual policy, which commenced on 1st April 2021. Prepaid insurance is expensed on a monthly basis and the trial balance amount represents the unexpired portion of the policy as at 1st July. Shop Fixtures & Fittings are depreciated at 15% per annum (using the Straight-Line method of depreciation). The company's short, and long-term loans are charged interest at the rate of 6.50% per annum paid quarterly, but accrued daily. Interest needs to be accrued for July (31 days). Other expenses accrued at the end of the month include: Electricity $440 Annual Leave Provision $890 Create a Provision for Doubtful Debts equal to 5% of Accounts Receivable as at 31st July. On 31st July, after the depreciation charge was made, the company sold some surplus to requirement Computer Equipment that had a written down value of $8,600 at the time of sale, for $8,800 (GST inclusive) cash. The computer equipment had originally costed the company $17,000. 6 7 8 9 Credit Debit $85,600 $1,000 $56,000 $69,180 $11,205 $125,000 $35,000 $160,000 - $62,000 - $40,000 Cash at Bank Petty Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Computer Equipment Accum Depn - Computer Equipment Shop Fixtures and Fittings Accum Depn - Shop Fixtures & Fittings Investments (Shares in Telstra) - Long Term Accounts Payable PAYG Withholdings Payable Accrued Expenses - Sales Commissions Interest Bearing Loan (Due 30-Sep-2021) GST Collected GST Paid Bank Loan - Non-current Paid Up Capital Retained Earnings Total $36,000 $12,000 $4,000 $40,000 $12,000 $7,000 $210,000 $120,000 $23,985 $554,985 $554,985

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