Reference no: EM132649093
Question - Adjusting entries
The following additional information is also provided for 'Stayzz' for the year ended 30 June 2020. You need to provide the adjusting entries on 30 June 2020 only for each of the 4 transactions discussed below. You need to complete each of the journals in the template provided. Please show all your calculations.
1) On January 1, 2020 'Stayzz' paid their insurance for the next year (12 months). The total amount paid was $18,000. On this date (January 1, 2020) 'Stayzz' Debited Prepaid Insurance with $18,000 and Credited Cash at Bank.
2) On April 1, 2020 'Stayzz' bought computer equipment. The total cost of the computer equipment was $3,600. The business will use this computer equipment for 3 years after which they will be able to sell it for $200. At financial year end no entry has been made yet to record depreciation.
3) On June 1, 2020 a client of "Stayzz" paid an amount of $6,000 to "Stayzz" as they would be renting a student flat from Stayzz for the next six months. On June 1, 'Stayzz' debited Cash at Bank and Credited Unearned Revenue.
4) On June 30, 2020 "Stayzz" did a count of their stationery supplies on hand. At the end of the financial year "Stayzz" still had $230 worth of stationery supplies on hand (Remember that 'Stayzz bought $450 worth of stationery supplies on May, 31).
REQUIRED - Based on the information provided, record the necessary adjusting journal entries in the templates provided.
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