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Prepare adjusting entries required on june

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Reference no: EM133158575

Question 1 - Queen Twins Pty Ltd is an insurance broker company. Queen Twins Pty Ltd received $3,600 cash from customers on 1 March 2022 for a 12-month insurance coverage. Refer to the following two independent scenarios:

(i) Queen Twins Pty Ltd treated the receipt from the customers of $3,600 on 1 March 2022 as income in their financial statements.

(ii) Queen Twins Pty Ltd treated the receipt from the customers of $3,600 on 1 March 2022 as liability in their financial statements

Required - Prepare adjusting entries required on 30 June 2022 for both scenarios (i) and (ii). Please note that the original entry on 1 March 2022 is NOT required. Narrations are NOT required.

Question 2 - Hurst Car Rental purchased a one-year insurance policy for $6,000 from Queen Twins Pty Ltd on 1 February 2022. Refer to the following two independent scenarios:

(i) Hurst Car Rental treated the insurance payment of $6000 on 1 February 2022 as expense in their financial statements.

(ii) Hurst Car Rental treated the insurance payment of $6,000 on 1 February 2022 as asset in their financial statements.

Required - Prepare adjusting entries required by Hurst Car Rental on 30 June 2022 for both scenarios (i) and (ii). Please note that the original entry on 1 February 2022 is NOT required. Narrations are NOT required.

Question 3 - The following information is related to the equipment hire business of ABC Ltd. The balance in the Allowance for Doubtful Debts account on 1 July 2021 was $5,000 Cr. The bad debts written off during the year amounted to $20,000. Accounts receivable balance on 30 June 2022 (before taking into account the write-off) was $120,000, and ABC Ltd requires the Allowance for Doubtful Debts to be set at 10% of the adjusted accounts receivable.

Required - Prepare the necessary general journal entries to record the above events. Narrations are NOT required.

Reference no: EM133158575

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