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Question - Balance Day Adjustment
Ledger Account balances (prior to any Balance Day Adjustments) as at 30 June 2018: Insurance $9600 Rent Received $2600 Interest Income $1,800 Plant and Equipment $50000 Accumulated Depreciation - Plant and Equipment $15,000 Accounts Receivable $10545 Allowance for Doubtful Debts $300
Additional Information:
On 1 November 2017 a one-year insurance premium was paid, for $9600 plus VAT. Insurance cover starts on 1 November. Rent received in advance $300 at 30 June 2018. Interest earned but not yet received $250 at 30 June 2018. Business use diminishing value method as depreciation at a rate of 20% per annum. Depreciate plant and equipment for the year 30 June 2018. Bad Debt to be written off $500 plus $45 VAT at 30 June 2018. Allowance for Doubtful Debt to be adjusted to 4% of Accounts Receivable. Create Provision for long service leave for $3000. Long Service Leave Taken $500.
Required - Make General Journal Entries for the Balance Day Adjustments.
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