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Prepare the adjusting journal entries for the June

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Reference no: EM133100232

Question - ANS Ltd commenced operations on 1 March 2020 as architects. The trial balance for the business is:

ANS Ltd Trial Balance as at 30 June 2020

Debit $

Credit $

Cash

34,000

Accounts receivable

13,500

Prepaid insurance

3,600

Supplies

3,500

Vehicles

48,000

Land

120,000

Accounts payable

2,200

Fees revenue received in advance

4,500

Bank loan

15,000

Share capital

196,200

Fees revenue

8,000

Wages expense

1,500

Office expenses

900

Rates expense

300

Rent expense

600

225,900

225,900

You are required to prepare the adjusting journal entries for the 30 June. Bank loan was obtained 1.2.2020. The interest on the loan is 3% per annum.

Reference no: EM133100232

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