Question

a. Rent expires (is used up) at a rate of $700 per month. b. Monthly depreciation on equipment is $300. c. Interest on the 6 per cent promissory note is paid quarterly on 1 April, 1 July, 1 October and 1 January. d. Performed services for which payment was received in April $800. e. Received electricity bill to be paid next month $500. f. Services to customers earned during June but unrecorded at 30 June, $2500. g. Supplies on hand totalled $1500 at 30 June. h. Owed employees for salaries for the last week of June to be paid in July $800. i. Prime Group prepares adjusting entries each quarter. Adjustments were last made on 31st march.

Answer 1

Date	Particulars	Posting Ref	Debit $	Credit $
Jun 30	Rent Paid in Advance To Rent [For recording qtrly rent ]		2100	2100
Jun 30	Depreciation To Machineries [For recording qtrly depreciation]		900	900
Jun 30	Interest To Interest Payable [For recording qtrly int payable]
Jun 30	Advance for Services To Services [Services performed , payment was recd in adv.]		800	800
Jun 30	Electricity To Electricity Payable A/c [For recording electiricty for the quarter]		500	500
Jun 30	Cash To Services [For recording serivces earned]		2500	2500
Jun 30	Stock of Supplies To Supplies [For recording stock of supplies]		1500	1500
Jun 30	Salaries To Salaries Payable [For recording salaries payable]		800	800