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Prepare financial reports Task 2.2 - Prepare General Journal entries to record the balance day adjustments...

Question:

prepare financial reports
Task 2.2 - Prepare General Journal entries to record the balance day adjustments as at 30th June 2019 and post to the General
Additional Information at 30 June 2019: Balance Day Adjustments 1. John has engaged an advertising firm at a cost of $3,300 (
Task 2.2 - Prepare General Journal entries to record the balance day adjustments as at 30th June 2019 and post to the General Ledger, Task 2.3 - Prepare General Journal entries to close the relevant ledgers on 30th June 2019 and post to the General Ledger. ask 2.4 - Prepare a post-closing Trial Balance as at 30th June 2019
Additional Information at 30 June 2019: Balance Day Adjustments 1. John has engaged an advertising firm at a cost of $3,300 (including GST) per annum The amount for a twelve-month contract was paid on 1" March 2019. (This was recorded at 1" March 2019) 2. Wages owing: $2000. 3. Increase the Provision for Annual Leave to be 5% of the final wages expense for the period. 4. Depreciate Equipment for the year according to organisational policies and procedures and the schedule prepared in Part a Task 1.3 5. Depreciate Motor vehicles for the year according to organisational policies and procedures and the schedule prepared in Part a Task 1.3 B. Rent was received for a property John Franklin owns on 1st April 2019 and was for 12 months. (This was recorded on 19 April 2019) 7. Lawyers from ABC Ltd have sent through a notice to say that their client has been declared bankrupt and no amounts can be recovered from them. ABC Ltd still owed you an amount of $990 at balance day. 8. Record the Allowance for Doubtful Debts according to organisational policies and procedures 9. Record the sale of the Toyota Camry. You should use Part A Task 1.2 of this Practical Assessment to help you with this. Additional Information required for Closing Entries only (no Balance day Adiustment needed for this) Ae ner organisational procedures, a stock take was done at the at the end of the financial Year and revealed stock valued at $5750 Version 30/1/2020 Review June 2020

Answers

S.No Particulars Debit Credit
1 Rent (3300*4/12) 1100
Prepaid Rent 1100
2 Wages 2000
Wages Payable 2000
3 Annual Leave compensation 100
Provision for Annual Leave Compensation 100
4 Baddets 990
ABC Ltd 990
.

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