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Max Smart submits the draft accounts for Smart Dry-Cleaning Services for the year ended 30 June 2020. The following adjustments have not been made to the accounts for the year ending 30 June 2020. Smart Dry Cleaning is registered for GST.
Required: Problem a. Record the above adjusting entries in the General Journal. Narrations are not required. Explain the purpose of adjusting and reversing entries and when they would be used. Provide examples from Smart Dry-Cleaning Services to illustrate your answer.
The Winston Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 50,000 hours. The total machine ..
Make Record the closing journal entries (as per template below)for any gain or loss on revaluation only, as at 30th June 2020. Include narrations.
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