QUESTION 2 (25 marks) The proprietor of Just Right Computer Services, Mick Bagger, has requested...
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Accounting
QUESTION 2 (25 marks) The proprietor of Just Right Computer Services, Mick Bagger, has requested financial statements for the company's second fiscal year end, September 30, 2020. All routine day-to- day transactions have been journalized and posted to the general ledger. The following information has been gathered. REQUIRED: Prepare year-end adjusting journal entries. Omit explanations. Show calculations, if possible a) The proprietor estimates that the cost of supplies remaining on hand is $960. During the year, the company purchased $4,200 of supplies. The balance in the supplies account at the beginning of the fiscal year was $240 (4 marks) b) The proprietor records unearned revenue when the customer pays. Sept. 21, 2020. Mr. Bagger received and deposited $880 from a customer, Mrs. McCartney, who paid in advance of the work. On September 30, 2020, Mr. Bagger estimated that the work was 75% completed (4 marks)
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