Confused with this task. Details Debit Credit FNSACC421_AT_W_TOM_v1.docx Question 1 Create balance day adjustment entries as at

Confused with this task.

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Details Debit Credit FNSACC421_AT_W_TOM_v1.docx Question 1 Create balance day adjustment entries as at 30/6/2022 entries for the following transactions. Folios are not required for these journals. Use account names as appropriate, and you must include appropriate narration for each journal. (Hint: Do not simply write the narration in just few words "Balance day adjustments" which is not enough. Appropriate narration must be meaningful relevant to the journal entry recorded. For information can refer to the examples described in chapter 15 in the Flipbook in Connect) FNSACC421 AT1_W_TQM_v1.docx General Journal Date Transactions: 1. Wages to be accrued for 30 June - $1,000 2. Interest earned but not yet received for June - $550 3. 4. 5. 6. Record Insurance paid as a prepayment on 1/6/2022. The amount of $2,400 (ignore GST) was paid for 12 months coverage commencing 1/6/2022. This entry is to be treated as a "Standing Journal". (Hint: Refer to chapter 15 and follow the method prescribed for entry of Standing Journal) Fee income received $5,000 in June was for services yet to be provided. Depreciation on Motor Vehicles for the year was calculated to be $4,500. Annual Leave provision balance is to be $11,000 at 30/6/2022. The opening balance was $5,000 at 1/7/2021 and the payments to employees during the financial year ended 30/6/2022 were $4,500. On completion of these 30 June entries, reversing journals are to be prepared for the new financial year 1/7/2022. (Hint: Not every items would require a reversing journals. Refer to chapter 15 in flipbook to find out what types of accounts would require reversing journal entry) Details Debit Credit FNSACC421_AT_W_TOM_v1.docx Question 1 Create balance day adjustment entries as at 30/6/2022 entries for the following transactions. Folios are not required for these journals. Use account names as appropriate, and you must include appropriate narration for each journal. (Hint: Do not simply write the narration in just few words "Balance day adjustments" which is not enough. Appropriate narration must be meaningful relevant to the journal entry recorded. For information can refer to the examples described in chapter 15 in the Flipbook in Connect) FNSACC421 AT1_W_TQM_v1.docx General Journal Date Transactions: 1. Wages to be accrued for 30 June - $1,000 2. Interest earned but not yet received for June - $550 3. 4. 5. 6. Record Insurance paid as a prepayment on 1/6/2022. The amount of $2,400 (ignore GST) was paid for 12 months coverage commencing 1/6/2022. This entry is to be treated as a "Standing Journal". (Hint: Refer to chapter 15 and follow the method prescribed for entry of Standing Journal) Fee income received $5,000 in June was for services yet to be provided. Depreciation on Motor Vehicles for the year was calculated to be $4,500. Annual Leave provision balance is to be $11,000 at 30/6/2022. The opening balance was $5,000 at 1/7/2021 and the payments to employees during the financial year ended 30/6/2022 were $4,500. On completion of these 30 June entries, reversing journals are to be prepared for the new financial year 1/7/2022. (Hint: Not every items would require a reversing journals. Refer to chapter 15 in flipbook to find out what types of accounts would require reversing journal entry)

Answer rating: 100% (QA)

The task at hand appears to be related to preparing adjusting and reversing journal entries for a set of transactions as well as creating an Income Statement and Balance Sheet from a provided trial ba... View the full answer