7111AFE Topic 2 Assessable Homework 7111AFE Accounting Assessable Practical Work and Reflection Topic 2 - The Adjusting Process Question 1 Journalise any necessary adjusting entries for ABC Accounting in the General Journal at 30t June 2015. Explanations/Narrations are NOT required. 1. On the first of April paid rent in advance for 12 months, 2. Received $4,000 Fees in Advance on 1 March 2015. At the 3. Employee Salaries owed for Monday to Wednesday of a five- 4. Depreciation for one month on Office Equipment costing S15,000. 30 25% of the work has been completed. day working week; the weekly payroll is $12,500 S5,000 with a salvage value of zero and a useful life of 10 years. 5. Interest expense accrued S1,200 Journal TEACCOUNTS AND EXPLANAT ST.REEDEBIT CREDIT Question 2 Explain why accrual accounting provides more complete information than cash basis accounting. $5,000 with a salvage value of zero and a useful life of 10 years 5. Interest expense accrued S1,200 Journal DATE|ACCOUNTS AND EXPLANATIONS'OSTREFE B .CR Question 2 Explain why accrual accounting provides more complete information than cash basis accounting. Question 3 You have just completed the income statement for the current reporting period. The CEO (who has no accounting background) has reviewed your work and is asking why the profit reported is relatively low compared to the increase in cash at bank for the reporting period. Prepare an explanation for the CEO offering some suggestions that explain this