Adjust based on a b c and d options a. Depreciation on shop equipment for the...

Adjust based on a b c and d options

a.	Depreciation on shop equipment for the month is 20% p.a. prime cost (straight line).
b.	One-twelfth of the insurance expired.
c.	Superannuation payable for the month is 10.0% of the gross wages paid.
d.	Interest charged on the bank loan for the month was $152.

Trial balance as at 30 June 20XX
Account no.	Account	Debit	Credit
100	Cash at bank	13,090
110	Accounts receivable	16,180
120	Inventory	41,820
130	Prepaid insurance	3,840
171	Shop equipment (cost)	39,000
200	Accounts payable		32,870
210	PAYG withholding payable		40
230	Bank loan		33,800
300	Capital		35,000
400	Sales revenue		27,450
410	Sales returns and allowances	330
420	Discount received		1,900
500	Cost of sales	14,550
600	Advertising expense	1,050
620	Discount allowed	290
660	Postage and stationery expense	120
690	Wages expense	790
		$131,060	$131,060

Expert Solution

Adjusting entries are as follows:-

ekkarill92 answered 1 year ago

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