ANS Ltd commenced operations on 1 March 2020 as architects. The trial balance for the business is:

ANS Ltd Trial Balance as at 30 June 2020
	Debit $	Credit $
Cash	34 000
Accounts receivable	13 500
Prepaid insurance	3 600
Supplies	3 500
Vehicles	48 000
Land	120 000
Accounts payable		2 200
Fees revenue received in advance		4 500
Bank loan		15 000
Share capital		196 200
Fees revenue		8 000
Wages expense	1 500
Office expenses	900
Rates expense	300
Rent expense	600
	225 900	225 900

 

Date	Accounts and narration	Dr	Cr

You are required to prepare the adjusting journal entries for the 30 June.

· Bank loan was obtained 1.2.2020. The interest on the loan is 3% per annum.

Answer rating: 100% (QA)

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