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please answer in detail. how to record a journal entry this on 30/06/21

please answer in detail. how to record a journal entry this on 30/06/21

FINANCIAL ACCOUNTING
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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please answer in detail. how to record a journal entry this on 30/06/21 Restaurant Due to surplus cash in the bank account, on 1 June 2021, The Unit Trust prepaid its insurance premium for the next 12 months totalling $13,200 (GST-inclusive) By making this payment, this means that the restaurant's insurance is prepaid until 31 May 2022. Belinda recorded the following journal entry in MYOB on 1 June 2021: DATE PARTICULARS POST REF DEBIT CREDIT 1 June Insurance expense 6-1110 GST receivable 2-1040 Cash at bank - Bank of Brisbane 1-1010 13,200 (Prepayment of insurance policy for the next 12 months) 30/June InSulance expense 1.000 plepaid insurance Ignore any GST consequences. If any adjusting entries are required, please record this entry in the general journal in MYOB. Note: There are 30 days from 1 June 2021 to 30 June 2021. 12,000 1,200
Transcribed Image Text:please answer in detail. how to record a journal entry this on 30/06/21 Restaurant Due to surplus cash in the bank account, on 1 June 2021, The Unit Trust prepaid its insurance premium for the next 12 months totalling $13,200 (GST-inclusive) By making this payment, this means that the restaurant's insurance is prepaid until 31 May 2022. Belinda recorded the following journal entry in MYOB on 1 June 2021: DATE PARTICULARS POST REF DEBIT CREDIT 1 June Insurance expense 6-1110 GST receivable 2-1040 Cash at bank - Bank of Brisbane 1-1010 13,200 (Prepayment of insurance policy for the next 12 months) 30/June InSulance expense 1.000 plepaid insurance Ignore any GST consequences. If any adjusting entries are required, please record this entry in the general journal in MYOB. Note: There are 30 days from 1 June 2021 to 30 June 2021. 12,000 1,200
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