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Record in general journal the necessary adjusting entries

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Reference no: EM132961003

Selected accounts of Amanda's Art Supplies are shown below at 30 June of the current year before any adjusting entries have been made.

Debit
Prepaid Insurance $4500
Supplies $720
Shop Shelving $2400
Salaries Expense $32600

Credit
Unearned rental fees $4800
Rental fees revenue $13200

Additional information

1. Prepaid insurance represents premiums for 1 year paid on 1 April.
2. Supplies of $340 were on hand at 30 June.
3. Shop shelving, which had been purchased on 1 January, is expected to last 10 years and have a residual value of $4,000.
4. Amanda collected 4 months' rent in advance on 1 June from a number of tenants.
5. Accrued salaries not recorded as at 30 June are $4200.

Required

Problem (a) Record in the general journal the necessary adjusting entries on 30 June.

Reference no: EM132961003

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