Rob and Roy use standing journals, and prepare statements monthly. Annual insurance premium of $2,700 (excluding...

 

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Rob and Roy use standing journals, and prepare statements monthly. Annual insurance premium of $2,700 (excluding GST) was paid on 15 August 2018, and posted to the Prepaid Insurance account. Interest on $12,000 of 9% Government Bonds is received each six months on 1 March and 1 September, but is accrued monthly. Depreciation on motor vehicle is $500 per month. Subscribers pay annual subscriptions on 1 January. The receipt is credited to the Income in Advance account, and transferred to the Subscription Income account on a monthly basis. On 1 January 2019 the balance of Revenue in Advance was $10,000. Required: Prepare General journal entries for the month of June 2019. Rob and Roy use standing journals, and prepare statements monthly. Annual insurance premium of $2,700 (excluding GST) was paid on 15 August 2018, and posted to the Prepaid Insurance account. Interest on $12,000 of 9% Government Bonds is received each six months on 1 March and 1 September, but is accrued monthly. Depreciation on motor vehicle is $500 per month. Subscribers pay annual subscriptions on 1 January. The receipt is credited to the Income in Advance account, and transferred to the Subscription Income account on a monthly basis. On 1 January 2019 the balance of Revenue in Advance was $10,000. Required: Prepare General journal entries for the month of June 2019.

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Here are the general journal entries for the month of June 2019 To record the mon... View the full answer