Biden ltds accountant discovered

Reference no: EM133500819

Question: Prepare balance day adjusting entries for Biden Ltd as at 30 June for the following situations:

The Supplies account shows a balance of $1000, but a physical count shows only $400 if supplies.
The company purchased a 1-year insurance policy for $6000 on 1 May, debiting Prepaid Insurance.
On 1 June, the company received $12000 from another entity which is renting a small building from lasagne Ltd for 6 months. Lasagne Ltd credited Rent Revenue Received in Advance.
Biden Ltd's accountant discovered that the company had performed services for a client totalling $9000 but has not yet invoiced the client or recorded the transaction.
Biden Ltd pays employees $2500 per 5 day working week, and 30 June falls on a Wednesday.

Reference no: EM133500819

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