You are working with Complete Business Services on the year$-$end adjustments for one of your clients, Little Pear Ltd$.$ You are required to comply with the following information given by the client to finalise the year$-$end adjustment entries:

On June $30,$ prepare General Journal entries for end$-$of$-$period adjustments and any necessary reversing entries on July $1.$

Narrate the entries.

Wages due but not paid $$1,500.$

On $1$ December, a one$-$year insurance premium was paid for $$2,400$ plus GST for $12$ months from $1$ December. This payment was recorded by debiting the Insurance Expense account.

Commercial property let at $$8,000$ per month in advance. Rent is receivable mid$-$month.

Interest earned from Bonds investment in June is $$1,500.$ The payment of this interest will be paid in July.

Depreciation $-$ Computer $$1,000$

On $30$ June, Bad Debts are to be written off is $$500$ plus $$50$ GST collected.

Physical count on $30$ June reveals an inventory value of $$68,000,$ and the system records show an inventory value of $$70,000.$

Task $8$

Prepare general Journal entries on $30$ June for the balance day adjustments and reversing general journal entries $($for some accounts only$)$ on $1$ July.

Note: you need to provide the narration$/$description in each journal entry.

Answer:

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