Reference no: EM131579227
Question: Prepare Adjustment Entries (31st December 2016) (Omega CO.)
1. Equipment purchased 20th April 2014 K50,000 @ 8% rate (diminishing method).
2. Fuel or petrol for K1,000 recorded as an asset and there was a balance of K300.
3. Annual rent of K48,000 received only 10 months earned as income.
4. Advertising of K18,000 annual subscription initially recorded as an expense only 5 months incurred.
5. No record of recovery from bad debs of K2,500.
6. Increased the provision for doubtful debts by K1,500.
7. Insurance of K24,000 annually, only 7 months incurred.
8. Interest earned of 7.5% from K40,000 deposited on 28 Feb. 2016.
9. Payment received from customers K2,000 not recorded.
10. Wages & Salaries due at balance date for 4 working days. Wages & Salaries per fortnight is K30,000 ( for 10 days).
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