+ Question 1 Given that balance day is 30/6/2014, prepare general journal entries (narrations required) to reflect the required balance day adjustments for the following. 1. Provide for depreciation on vehicle (Purchased for $34,000, 30/06/13) at 25% per year on the reducing balance a. Year 1 (30/06/14), and show the balance of the Accumulated Depreciation account. b. Year 2 (30/06/15), and show the balance of the Accumulated Depreciation account. Date 30/06/14 30/06/15 Particulars Debit Credit Accumulated Depreciation of Motor Vehicle 2. Insurance in arrears (i.e. owing on balance day), $200 3. Advertising prepaid for 2014/2015, $400 4. Interest owing (to be paid by the business) on mortgage, $200 5. Magazine subscriptions received on 1 April 2014, for the following 12 months, $120 (i.e. $10 per month) Balance Sheet (extract) Year 2 Vehicle Less Accumulated Depreciation of M.V. Book Value Year 0 Year 1 $34 000 0 $34 000 Particulars Debit Credit General Journal L Date L