Reference no: EM132710867
Question - On 1 August 2016 Sipho started a garden services business. The following is an extract of certain accounts from his trial balance on 31 August 2016:
Prepaid expenses (insurance) R1500
Equipment R8000
Loan (credit) R10000
Fees earned R2000
Income received in advance (fees) R1500
The following relates to the above accounts:
a. The insurance premium was paid for the month of September 2016.
b. Depreciation on equipment for August 2016 amounts to R300.
c. The loan was negotiated on 1 August 2016 at an interest rate of 15% per annum.
d. A client paid R1500 on 1 August 2016, for the next four months (September, October, November and December).
e. A client, who received services valued at R250 during August, has not yet paid for them. Sipho would like to prepare statements on a monthly basis.
REQUIRED - Provide adjusting general journal entries as at 31 August 2016. Show all calculations.
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