Prepare the adjustment entry using given information

Assignment Help Accounting Basics

Reference no: EM131880643

Question: Prepare the adjustment entry as of 30/06/2012 under the following:

A. On 27 of June 2012, the company paid last week's wage. Wages that are due and not paid:

- 28th of June 1200

- 29th of June 1450

- 0th of June weekend, no wages

B. Rent paid on 1/12/11 for one year $12,000 net of GST, the company accountant recorded all payment as expense on 1/12/11.

C. The company is required to issue a bank guarantee for one year, bank withheld $20,000 on 31/12/2011 from the company bank account with interest of 4.5% that will be calculated monthly and will be paid at the maturity date.

D. On 30/04/12, the company signed a monthly maintenance service contract for $500 each month; the company policy is to receive the 1st six months in advance. The company received $3000 on 30th of April 2012. Company accountant recorded the following entry on the 30th of April:

Date	Details	Dr	Cr
30/04/12	Cash at Bank	$3000
	Income received in advance		$3000

E. According to the balance sheet, the inventory was $223,500. At the end of the financial year stock take, you have been advised that the inventory value is only $210,000.

F. On 30/06/2012, the company aged receivables which have a total of $306,400. The company estimated 2% of 90 days receivable and 10% of over 90 days will not be able to be collected.

Aged Receivable Summary 30/6/2013
Total Due	0-30 days	31-60 days	61-90 days	91-120 days
$311,400	$220,000	$60,000	$18,000	$16,400

Reference no: EM131880643

Questions Cloud

Provide a brief summary of the treaty of versailles : Provide a brief summary of the Treaty of Versailles. Broadly discuss the genesis of the NSDAP and its development until 1933.

Compute pittman company break-even point : Compute Pittman Company's break-even point in sales dollars for next year assuming: The agents' commission rate remains unchanged at 15%

Two coins together forty-eight times : Theoretically, if you toss two coins together forty-eight times, how many times should you get a head and tail. Input your 2 digit answer with no commas

Which adviser had the best risk-adjusted performance : The risk-free rate during the year was 4% and the market return was 18%. Which adviser had the best risk-adjusted performance?

Prepare the adjustment entry using given information : Prepare the adjustment entry as of 30/06/2012 under the following: A. On 27 of June 2012, the company paid last week's wage. Wages that are due and not paid.

Which accommodations and modifications were successful : Which accommodations and modifications were successful? If you taught this lesson again, would you do it the same/different? Explain.

Calculate the sample standard deviation for data : Calculate the sample standard deviation for this data (since it is a case of grouped data with classes, use group or class midpoints in the formula in place of

How were the given changes both positive and negative : How people lived their day-to-day lives than at any other time in history. How were these changes both positive and negative?

Discuss about the education in a non-western culture : Look in depth at education in a non-western culture. Explore education in the cultures of the Western Hemisphere.

User Account

All Pages