Question - Make General Journal Entries
Elite Enterprise has appointed you as an Accountant on a fixed term contract to investigate, identify and adjust their financial entries that require your immediate attention. You are asked to review the following transactions as at 30 June 2017, which is the current year before any adjusting entries have been made.
Debit Credit
Prepaid Rent $ 12,000
Stationary $990
Plant & Equipment $9,000
Unearned Revenue/Income $ 6,000
Wages & Salaries $35,000
Additional information
(a) Prepaid Rent represents rent paid for 1 year paid on 1 May.
(b) Supplies of $300 were on hand at 30 June.
(c) Plant & equipment, which had been purchased on 1 May, is expected to last 5 years.
(d) The business received 3 months' income in advance on 1 June from a number of customers.
(e) Accrued salaries not recorded as at 30 June are $5,500.