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Make the adjusting entries at June

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Question - The ledger of Electrical Services Pty Ltd on 30 June 2016 includes these selected accounts and corresponding account numbers before adjusting entries have been prepared:

Name of account Debits $ Credits $

Prepaid electricity 12,000

Supplies 5,600

Equipment 60,000

Accumulated depreciation - Equipment 5,460

Bank loan 52,000

Revenue received in advance 27,000

Rent revenue 156,000

Interest revenue -

Wage expense 36,400

An analysis of the accounts shows the following:

1) Equipment depreciates at $800 per month.

2) Revenue received in advance was for rent revenue for 6 months starting 1 January 2016.

3) Interest of $2,600 is accrued on the bank loan.

4) Supplies on hand total $2,000.

5) Electricity was prepaid for 12 months commencing on 1 January 2016.

Required - Make the adjusting entries at 30 June 2016. Narrations are not required.

Reference no: EM132613651

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