- payday cash advance loan
- cash advance loan online
- expense reports
- email received
The following transactions, relating to the business of Rhys Palmer, public
accountant, occurred during June 2013 (Ignore GST).
June 1 purchased office furniture for $7,560.00.
1 Purchased a 12 month fire insurance policy for $1800.00.
2 Borrowed $10,000.00 from the State Bank on a short-term loan.
The principal, plus annual interest will be repaid in 3 months.
Interest of $75.00 accrued on the loan during June.
11 Purchased supplies for $370.00. On 30 June, supplies worth
$150.00 remained on hand.
15 Paid $450.00 for 1 month’s rent for the period 15 June to 15 July.
18 Received a cheque from a client for $1,200.00 as an advanced
payment for services to be performed. Only 10% of the work was
completed by 30 June.
28 Received an invoice for $350 for telephone and internet charges
for the month.
accountant, occurred during June 2013 (Ignore GST).
June 1 purchased office furniture for $7,560.00.
1 Purchased a 12 month fire insurance policy for $1800.00.
2 Borrowed $10,000.00 from the State Bank on a short-term loan.
The principal, plus annual interest will be repaid in 3 months.
Interest of $75.00 accrued on the loan during June.
11 Purchased supplies for $370.00. On 30 June, supplies worth
$150.00 remained on hand.
15 Paid $450.00 for 1 month’s rent for the period 15 June to 15 July.
18 Received a cheque from a client for $1,200.00 as an advanced
payment for services to be performed. Only 10% of the work was
completed by 30 June.
28 Received an invoice for $350 for telephone and internet charges
for the month.
1. Prepare the journal entries to record each transaction. 2. Prepare any adjusting entries?
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