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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
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.
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