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BZ102 ACCOUNTING PRINCIPLES

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Question:

Information below is provided for a retail business which sells household appliances and electrical goods. 

Required

  1. Prepare General Journal entries for the balance day adjustments as at 30th June, in the current year. 
  1. Separately show your workings or provide an explanation of your reasoning for each of the transactions. 
  1. The business received its electricity bill on 29 June, for $823. This covered usage of electricity from 20 March to 20 June. The bill was filed and will be paid by the due date of 10 July.  
  1. The business paid $1 260 on 1 September last year for twelve months’ car insurance. At the time of the transaction, Insurance Expense was debited and Cash at Bank credited, for $1 260. 
  1. Employees are paid every Monday morning for the previous five day working week. $1,200 of wages was paid on Monday 2nd
  1. A customer paid a deposit of $400 on 29 June, for a three-month service contract commencing 1 July. On 29 June, the accountant recorded a debit to Cash at Bank of $400 and a credit of $400 to Service Fees Revenue account. 
  1. The business met their sales goal of 100 Phillips brand televisions sold for June. They expect to receive commission revenue of $550 from Phillips in the last week of July.

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