Area: Accounting System: applications - end of period adjustments 6. The following balances were taken from the accounting records of Jurong Tree Services as at 30th June before end of period adjustments. Cash Accounts receivable Supplies Plant & equipment Accounts payable Capital 1 January Drawings Fees revenue Supplies expense Marketing expenses Financing expenses General & administrative expenses $6000 11.000 4500 71 000 2000 49 250 6000 189 000 98 000 30 000 1750 12.000 The following is additional information on items that have not been incorporated into the account balances on the 30th of June above for reporting. Additional information (end-of-period adjustments): (a) The bill for monthly internet connection usually arrives on the 5th of the next month. The internet connection fee for the month of June is expected to be $500. (b) The owner withdrew $2,000 cash from the business. (c) Depreciation expense of $1,000 for the equipment used has not been incorporated. Explain and adjust the appropriate account balances listed above for the following additional information, show the balances as of the 30th June that were affected by the adjustments:

Area: Accounting System: applications - end of period adjustments 6. The following balances were taken from the accounting records of Jurong Tree Services as at 30th June before end of period adjustments. Cash Accounts receivable Supplies Plant & equipment Accounts payable Capital 1 January Drawings Fees revenue Supplies expense Marketing expenses Financing expenses General & administrative expenses $6000 11.000 4500 71 000 2000 49 250 6000 189 000 98 000 30 000 1750 12.000 The following is additional information on items that have not been incorporated into the account balances on the 30th of June above for reporting. Additional information (end-of-period adjustments): (a) The bill for monthly internet connection usually arrives on the 5th of the next month. The internet connection fee for the month of June is expected to be $500. (b) The owner withdrew $2,000 cash from the business. (c) Depreciation expense of $1,000 for the equipment used has not been incorporated. Explain and adjust the appropriate account balances listed above for the following additional information, show the balances as of the 30th June that were affected by the adjustments:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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