Below is the additional information available on 30 June: a. The bank loan was borrowed at the beginning of June. Interest on the bank loan for June is due. The monthly interest is charged at 0.8%. b. The washing machine was purchased at the beginning of June. Kathy estimates the washing machine can be used for 5 years and there is no residual value after that. c. Prepaid rent was paid at the beginning of June for June, July and August. d. Kathy did a stocktake and found there were $180 supplies on hand. e. Services provided for $50 cash received and recorded in advance. f. Jacky worked casually for Kathy in June. Kathy owed him wages of $600. g. Services of $2,400 were provided but not recorded and cash has not been receive. Required Prepare adjusting entries for Kathy's Laundry using the additional information.

Below is the additional information available on 30 June: a. The bank loan was borrowed at the beginning of June. Interest on the bank loan for June is due. The monthly interest is charged at 0.8%. b. The washing machine was purchased at the beginning of June. Kathy estimates the washing machine can be used for 5 years and there is no residual value after that. c. Prepaid rent was paid at the beginning of June for June, July and August. d. Kathy did a stocktake and found there were $180 supplies on hand. e. Services provided for $50 cash received and recorded in advance. f. Jacky worked casually for Kathy in June. Kathy owed him wages of $600. g. Services of $2,400 were provided but not recorded and cash has not been receive. Required Prepare adjusting entries for Kathy's Laundry using the additional information.

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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