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Prepare balance day adjusting entries for biden ltd

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Reference no: EM133532988

Question: Prepare balance day adjusting entries for Biden Ltd as at 30 June for the following situations:

a. The Supplies account shows a balance of $1000, but a physical count shows only $400 if supplies.

b. The company purchased a 1-year insurance policy for $6000 on 1 May, debiting Prepaid Insurance.

c. On 1 June, the company received $12000 from another entity which is renting a small building from lasagne Ltd for 6 months. Lasagne Ltd credited Rent Revenue Received in Advance.

d. Biden Ltd's accountant discovered that the company had performed services for a client totalling $9000 but has not yet invoiced the client or recorded the transaction.

e. Biden Ltd pays employees $2500 per 5 day working week, and 30 June falls on a Wednesday

Reference no: EM133532988

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