Reference no: EM132620661
Question - Below is the unadjusted Trial Balance for 'Brick-and-Bragg', a business that sells home ware. The business is owned by Beulah Bragg and the trial balance below is as at 30 June 2020.
On January 1 2020 Beulah Bragg paid the rent for 'Brick-and-Bragg' in advance for the next 6 months. When Beulah made the payment of $6 000 on January, 1 she debited the Prepaid Rent Account and credited the Cash at Bank Account.
On May 1 2020 a client paid $3,000 to Brick-and-Bragg for homeware that would have to be imported from Italy. By June, 30 2020 $2,000 of these goods have already been delivered to the client. On May, 1 Beulah Debited Cash at Bank and Credited Unearned Revenue.
A physical count of the Stationery supplies on hand showed that there are $800 worth of stationery on hand at the end of the financial year.
On June, 30 'Brick-and-Bragg' made a delivery to a client. However, Beulah has not had a chance yet to invoice this client. The total amount that Beulah will invoice to the client is $3,200.
On June, 30 Beulah estimated that 5% of the Account Receivable balance refers to clients that may not be able to pay 'Brick-and-Bragg'.
On July, 3 2020 'Brick-and-Bragg received their telephone bill for June 2020. The total amount owing is $450. This bill has not been recorded or paid yet.
REQUIRED - It is now the end of the financial year (30 June 2020) and Betty Brown has asked you to prepare any necessary balance day adjusting journals in the pro-forma provided in the student submission file. Use the General Journal document provided to record the correctly formatted journal entries required.
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