Selected accounts of Arabella’s Art Supplies are shown below at 30 June of the current year before any adjusting entries have been made.

Additional information

1. Prepaid insurance represents premiums for 1 year paid on 1 April.
2. Supplies of $430 were on hand at 30 June.
3. Shop shelving, which had been purchased on 1 January, is expected to last 10 years and have a residual value of $2000.
4. Amanda collected 4 months’ rent in advance on 1 June from a number of tenants.
5. Accrued salaries not recorded as at 30 June are $2400.

Transcribed Image Text:

Prepaid Insurance Supplies Shop Shelving Unearned Rental Fees Salaries Expense Rental Fees Revenue Debit Credit $ 4500 720 24 000 $ 4800 32 600 13200