Solution-Record the necessary adjusting entries in general

Record the necessary adjusting entries in general journal

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Reference no: EM133071802

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:

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

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

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

4. Accrued salaries at 30 June were $10,000.

5. 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: EM133071802

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Record the necessary adjusting entries in general journal

Reference no: EM133071802

Reference no: EM133071802

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