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Question 5 (7 marks)
The table below presents the current year's selected accounts from ZZZ Limited at 30 June 2022.
| Table 1. Selected Accounts from ZZZ Limited |
| | Debit | Credit |
| Office Equipment | 24 000 | |
| Supplies | 2 200 | |
| Prepaid Insurance | 4 800 | |
| Salaries Expense | 119 200 | |
| Rental Fees Revenue | | 52 800 |
| Unearned Rental Fees | | 16 800 |
| Note. This table is prepared before any adjusting entries are made. |
The additional information is given below:
The Office supplies of $800 were available for use on 30 June 2022 (1 Mark)
ZZZ Limited collected four months' rent in advance from several tenants on 1 June 2022.
(1 Mark)
The accrued salaries of $14 000 were not recorded as at 30 June 2022. 1 Mark].
The above-mentioned prepaid insurance represents the premium paid on 1 June 2022 for one year. (2 Marks)
The office equipment was purchased on 1 April, and it is expected that this office equipment will last for five years. (2 Marks)
Required: Record necessary adjusting entries in the general journal on 30 June 2022.
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