Accounting for errors, Prepare the adjusting journal

Accounting for errors

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Reference no: EM133208335

Accounting for errors

The financial year for Shakil Ltd ends on the 30 June 2024. The company purchased price of $95 600 for a new vehicle on 1 January 2023 was posted to the vehicle maintenance expense account. Motor vehicles are depreciated at 20% p.a. straight-line. This error was revealed through an audit at 30 June 2024.

Prepare the adjusting journal entries for the year ended 30 June 2024 and provide an appropriate explanation under each entry.

Reference no: EM133208335

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