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Adjusting entries
Problem 1: The financial year for Smart Dry Cleaning Services end on 30th June. Using the following information,make the necessary adjusting entries at year-end.
1. On 15 April, Michelle Smart's business borrowed $4500 form Northern Bank at 10% interest. The principal and interest are payable on 15 October. Interest of $100 had accrued on the loan by 30 June.
2. Rent of $750 for the 6-month period ending 31 July is due to be paid in August.
3. The annual depreciation on equipment (costing $63 000 - bought on 1st March) isestimated at 10% p.a.
4. The business has two-part time employees who earn $30 a day. They both worked the last 4 daysin June for which they have not been paid yet.
5. Electricity for June of $3000 is unpaid and unrecorded.
6. The supplies account has a $135 debit balance on 1st July. Supplies of $545 were purchased duringthe year and $120 of supplies are on hand as at 30 June.
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