Record necessary adjusting entries in the general journal

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Question - Pavle James owner of Wollongong Dance Studio, employed you to prepare yearly financial statements for the year ended 30 June 2021. At year-end, the unadjusted account balances of Wollongong Dance Studio are as follows:

Wollongong Dance Studio Trial Balance as at 30 June 2021

 

Debit

Credit

Cash at Bank

$100,000

 

Account Receivable

75,000

 

Prepaid Advertising

30,000

 

Supplies

14,000

 

Training Equipment

250,000

 

Mortgage Payable

 

$105,000

Unearned Revenue

 

20,000

Loan Payable

 

50,000

Salaries Expense

70,000

 

Service Revenue

 

268,000

P. James, Capital

 

96,000

TOTAL

$539,000

$539,000

Additional information:

Prepaid advertising represents a one-year premium paid on 1 March 2021.

Supplies on hand at the end of the year amounted to 3,800.

Training Equipment is expected to last 7 years and with no residual value. It was purchased on 1 May 2021.

Accrued salaries at 30 June were $10,000.

The amount of revenue received in advance that remains unearned at 30 June is $3,800.

Required - Record the necessary adjusting entries in the general journal. Include narrations.

Reference no: EM133065464

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