Question $2$

$(22$ marks$)$

The following information was taken from the pre$-$adjustment trial balance of Adventure Stores on $31$ October $2023,$ the last day of the financial year of the business:

$\backslash$table$[[,$Fol.,Debit,Credit$],[\backslash$table$[[$Statement of financial position$],[$section$]],,60000,],[$Fixed deposit $15\%$ p$.$a$.,$B$11,,140000],[$Long$-$term loan $21\%$ p$.$a$.,$B$16,,],[$Nominal account section,,,$6750],[$Interest on fixed deposit,N$4,,],[$Interest on loan,N$5,26950,],[$Insurance$,$N$6,18850,23400],[$Rent income,N$8,,]]$

Additional information:

On closer investigation the following was discovered:

The investment in the fixed deposit was made on $1$ January $2023.$

The long$-$term loan was initiated on $1$ November $2022.$

The insurance premium for November $2023$ has been prepaid.

The tenant has been in the building since $1$ March $2022,$ and pays a monthly rent of R$1800.$

The necessary adjustments and closing transfers will be recorded as follows in the general ledger on $31$ October $2023$:

$($Ignore VAT$)$

REQUIRED:

$2\mathrm{.}1$ Complete the general journal entries for Adventure Stores for October $2023.$

$2\mathrm{.}2$ What adjustment was made for the insurance premium in the financial year ending on $31$ October $2023?$

$(3)$

$2\mathrm{.}3$ What adjustment was made for the rent income in the financial year ending on $31$ October $2023?$

$(3)$