It is now 30 June and our business is preparing adjustments via a worksheet. Com
ID: 2333817 • Letter: I
Question
It is now 30 June and our business is preparing adjustments via a worksheet.
Complete the following adjustments in the worksheet (if no adjustment is necessary enter "0" in the relevant box). The ref is the number of the adjustment
Then answer the 3 questions at the bottom of the table.
1 Prepaid 12000 rent on 1 April for three months. Adjustments have been done for April and May.
2 30 June is a Sunday. Wages are paid fortnightly (8000) with the last payment made on Friday 21 June. As the busienss operates from Monday to Firday we need to accrue one week.
3 Earned 2500 of Subscriptions Revenue which had already being paid for by the client.
4 Work in Progress (for Services) is calculated to be 3000. (Use accrued revenue).
5 Office Supplies were counted on 30 June. They totalled 4000.
6 Depreciation for June is 2000.
7 Interest on Note Payable is 1000. This is payable in July.
30000
Interest Payable
Salaries Payable
Unearned Revenue
Depreication Expense
Interest Expense
Please answer all parts of the question.
Worksheet for the month ended 30 June Unadjusted TB Adjustments Adjusted TB Account Dr Cr Ref Dr Cr Dr Cr Cash At Bank30000
Answer Accounts Receivable 40000 Answer Inventory 20000 Answer Office Supplies 5000 Answer Answer Answer Answer Prepaid Rent 4000 Answer Answer Answer Answer Accrued Revenue 0 Answer Answer Answer Answer Equipment 70000 Answer Accum Depreciation 35000 Answer Answer Answer Answer Accounts Payable 30000 AnswerInterest Payable
0 Answer Answer Answer AnswerSalaries Payable
0 Answer Answer Answer AnswerUnearned Revenue
3000 Answer Answer Answer Answer Notes Payable 75000 Answer Owners Capital 31500 Answer Income Summary Service Revenue 150000 Answer Answer Answer Answer Subscriptions Revenue 100000 Answer Answer Answer Answer COGS 60000 Answer Bank Fees 500 AnswerDepreication Expense
15000 Answer Answer Answer AnswerInterest Expense
6000 Answer Answer Answer Answer Rent Expense 26000 Answer Answer Answer Answer Salaries Expense 141000 Answer Answer Answer Answer Supplies Expense 7000 Answer Answer Answer Answer Total 424500 424500 Answer AnswerExplanation / Answer
Worksheet for the month ended 30 June Account Unadjusted TB Ref. Adjustments Adjusted TB Debit Credit Debit Credit Debit Credit Cash at bank 30000 30000 Accounts receivable 40000 40000 Inventory 20000 20000 Office supplies 5000 5 0 1000 4000 Prepaid rent 4000 1 0 4000 0 Accrued revenue 0 4 3000 0 3000 Equipment 70000 70000 Accum depreciation 35000 6 0 2000 37000 Accounts payable 30000 30000 Interest payable 0 7 0 1000 1000 Salaries payable 0 2 0 4000 4000 Unearned revenue 3000 3 2500 0 500 Notes payable 75000 75000 Owners capital 31500 31500 Income summary Service revenue 150000 4 0 3000 153000 Subscriptions revenue 100000 3 0 2500 102500 COGS 60000 60000 Bank fees 500 500 Depreciation expense 15000 6 2000 0 17000 Interest expense 6000 7 1000 0 7000 Rent expense 26000 1 4000 0 30000 Salaries expense 141000 2 4000 0 145000 Supplies expense 7000 5 1000 0 8000 Totals 424500 424500 434500 434500 Has this business made a profit or loss? Loss What are total assets? $130,000 Will owners equity increase or decrease? Decrease
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