Week 10 - Question 5 (10 marks) (Note this question is 3 in the Pre-recorded Tutorial Questions) Banksia Company completed the following transactions during 2018-2019. The annual accounting period ends 30 June 2019. a) b) c) d) Purchased inventory on credit at cost of AUD 16,800; perpetual inventory system is used. Received a customer deposit of AUD 18,000 from ABC Ltd for services to be rendered in the future. Borrowed AUD 900,000 from the bank on 1 March 2019 by giving the bank a six-month, 9% interest bearing note payable. Performed AUD 8,000 of the services paid for by ABC Ltd; the rest will be rendered in August 2019. Received the electricity bill for AUD 24,200, which will be paid in early July. On 1 June 2019 received rent in advance of AUD 21,600 from XYZ Ltd for a 3 month lease of premises from 1 June until 31 August 2019. Wages accrued in the last weekly payroll amounted to AUD 23,000 and will be paid on 5 July 2019. e) f) 8) Required: 1) Prepare the journal entries for each of these transactions. (7 marks) Prepare all adjusting entries required on 30 June 2019. (3 marks) 2)