Prepare adjusting entries for Jolly Ltd as at 30 June for the following situations: a. The Supplies account shows a balance of $1000, but a physical count shows only $400 if supplies. b. The company purchased a 1-year insurance policy for $6000 on 1 may, debiting Prepaid Insurance. c. On 1 June the company received $12000 from another entity which is renting a small building from lasagne Ltd for 6 months. Lasagne Ltd credited Rent Revenue Received in Advance. d. Lasagne Ltd.’s accountant discovered that the company had performed services for a client totalling $9000 but has not yet invoiced the client or recorded the transaction. e. Lasagne Ltd pays employees $2500 per 5 day working week, and 30 June falls on a Wednesday. f. The company owns a van that cost $18,000 and has a useful life of 6 years (no residual value). The company purchased the van in early April this year.

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To prepare adjusting entries for Jolly Ltd as of June 30th for the given situations we need to make ... View the full answer