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Demonstrate to jason the ledger accounts

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Reference no: EM133016819

Question - Case Study - You have now been working as an accountant for over 18 months. You are highly experienced and your manager has asked you to assist in training another accountant. During the week the new accountant, Jason, has asked you for assistance with balance day adjustments. Jason has provided you with the following unrelated transactions:

(a) Wages paid $8,400 - wages due but not yet paid $840

(b) Insurance paid $1,400 - insurance paid in advanced $200

(c) Accumulated depreciation on plant was $900 at the start of the year, depreciation expense is $300

(d) Accounts receivable were $6,660 with bad debts to be written off $600 plus GST

(e) Allowance for doubtful debts is $200 and is to be adjusted to 3% of accounts receivable

Required - You need to demonstrate to Jason the ledger accounts (T-Ledger, double entry format) for the above unrelated transactions and also show any reversals as at 1 July.

Reference no: EM133016819

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