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Prepare the end-of-period adjusting entries required

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Reference no: EM133137247

Question - You are the accountant for Wacky Wednesdays Led. The following information is made available for the year ended 30 June 2021:

1. On 1 January 2021 Wacky Wednesdays Led purchased a Delivery vehicle for $20,000. The vehicle will have a useful life of 4 years and an estimated residual value of $2,000. No depreciation has been recorded for this vehicle yet.

2. On 1 April 2021 Wacky Wednesdays Led paid an amount of $8,000 for insurance for March-October 2021. This payment was allocated (posted) to the Prepaid Insurance account on 1 April 2021.

3. Electricity expense for June 2021, has not been recorded or paid yet. Wacky Wednesdays received the electricity bill on 3 July 2021, with a total amount of $500 owing to the service provider.

4. Wacky Wednesdays Ltd performed services for a client on 25 June 2021 but did not invoice the client before the end of the financial year. The total amount of that Wacky Wednesdays Ltd will charge to the client is $6,000.

5. On June 30, 2021 Wacky Wednesdays Ltd estimated that 3% of their customers would not be able to pay their accounts. The total amount owing to Wacky Wednesdays by clients was $12,000.

Required - Prepare the end-of-period adjusting entries required on 30 June 2021. Show clearly your calculations.

Reference no: EM133137247

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