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Make balance day adjustments for prepayments and accruals

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Reference no: EM132807292

Problem 1: Make balance day adjustments for prepayments and accruals using the general journal.

Problem 2: Record the following balance day adjustment on 30th Jun 2011 using cheque.myo data file:

  1. Advertising Expense includes $50, which relates to an advertising campaign in the next month
  2. Business paid Insurance premium $1,000 on 1st Jun 2011 for the year till 31st May 2012.
  3. Record depreciation for Office equipment - straight line at 10% p.a.
  4. Telephone Expenses - $200 accrued. The next invoice will be received at the end of July
  5. Services appliances includes $600, which is a client's deposit to secure appliances service in July.

Note: create new head of accounts in the chart of account if required.

Reference no: EM132807292

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