complete the schedule goven below

Problem 4.17 The financial year for Drip Dry Cleaning Services ends on 30 June. Using the following information, make the necessary adjusting entries at year-end. Ignore GST. On 15 February, Danielle Drip's business borrowed $16 000 from Northern Bank at 8% interest. The principal and interest are payable on 15 August. 1 wN Rent of $3600 for the 6-month period ending 31 July is due to be paid in August. The annual depreciation on equipment is estimated to be $7200. The 1 July balance in the Accumulated Depreciation account was $15 600. 4 Drip Dry Cleaning Services purchased a 1-year insurance policy on 1 March of the current year for $660. A 3-year policy was purchased on 1 November of the previous year for $2700. Both purchases were recorded by debiting Prepaid Insurance. The business has two part-time employees who each earn $220 a day. They both worked the last 3 days in June for which they have not yet been paid. 5 6 On 1 June, the Highup Hotel paid the business $2100 in advance for doing their dry cleaning for the next 3 months. This was recorded by a credit to Unearned Dry Cleaning Revenue. Water for June of $850 is unpaid and unrecorded. The supplies account had a $280 debit balance on 1 July. Supplies of $1560 were purchased during the year and $190 of supplies are on hand as at 30 June. 7 8 Entry Account Position statement Balance in Dollar effect of Balance the account adjusting reported in before entries 30/6 position adjustment statement 1 2 3 4 5 6 Interest Payable Rent Payable Accumulated Depreciation Prepaid Insurance Wages Payable Unearned Dry Cleaning Revenue Water Account Payable Supplies 7 8