Surfers Paradise Motels (SPM) Limited is successfully operating its five motels. The company finalised its...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Surfers Paradise Motels (SPM) Limited is successfully operating its five motels. The company finalised its accounts on the 30th day of June 2022, except for the following adjustments.
The company declared a bonus of $38 900 to the managers. However, this amount has not yet been recorded in the books [1 Mark]
A comprehensive one-year insurance policy of $3 600 was taken on the 1st day of October 2021, and the annual premium was paid on the same day dated the 1st day of October 2021 [2 Marks]
An amount of $7 000 for the interest of investment is due. However, this amount has not yet been received [1 Mark]
A payment of $6 320 for stationary was erroneously charged to the Marketing and Advertising Expenses [1 Mark]
The company purchased an HP laptop for $5 500. However, this amount was erroneously charged to the office expenses account. According to the chart of accounts, this amount was supposed to be charged to the office equipment account [2 Marks]
The commission of $3 600 was received in advance on the 1st day of May 2022 for the next six months [1 Mark]
The accrued gas charges on the 30th day of June 2022 were $920 [1 Mark]
Required: Prepare the adjusting entries on the 30th day of June 2022.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.