The Balance-Day Adjustments as at 30 June 2019 are:
• Stock on hand – $11,800 • Office salaries owing – $400
• Commission revenue received in advance – $1,200
• Depreciation for plant and machinery at 20 per cent per annum using the reducingbalance method
• Depreciation for motor vehicles at 10 per cent per annum using the straight-line method
• Rent revenue earned but not received – $1,400 (GST exclusive)
• Unpaid interest – $160
• Advertising paid in advance – $400 (GST exclusive) • Provision for long service leave to be five per cent of all salaries
• Increase provision for annual leave to $2,200
• Additional bad debt to be written off – $440 (the original sales included GST)
Required: Prepare General Journal Entries to record the Balance-Day Adjustments.
Crown Institute of Business and Technology Pty Ltd ABN 86 116 018 412 National Provider No: 91371 CRICOS Provider Code: 02870DNorth Sydney Campus: 116 Pacific Highway North Sydney NSW 2060 P 02 9955 0488 F 02 9955 3888Sydney CBD Campus: Level 5, 303 Pitt St Sydney NSW 2000 P 02 8959 6340 F 02 9955 3888ACTUALITYCanberra Campus: Suite 1, Level 4, 40 Cameron Avenue, Belconnen, ACT 2617 P 02 6253 5184Question 02:SEGO Imports provides you with the following Trial Balance and list of Balance-DayAdjustments as at 30 June 2019.SEGO Imports – Trial balance as at 30 June 2019Account nameDebit $Credit $Bank12,350Trade debtors control24,000Provision for doubtful debts1,126Bad debts600Commission revenue6,200Cartage inwards2,640Trade creditors control16,250Plant and machinery ( Purchased on 1st October, 2017)28,000Accumulated depreciation – plant and machinery4,200Capital41,333Drawings3,500Input tax credits1,255Sales226,500Office salaries28,300Salesperson's salary35,000GST payable1,680Provision for annual leave1,800Provision for long service leave2,500Stock (as at 01/07/2018)12,420Discount expense1,455Sales returns and allowances2,985Purchases168,120Rent received9,800Office expenses3,460Freight outward800Interest on loan6,400Advertising2,800Motor vehicles36,000Accumulated depreciation – motor vehicles10,800Stationery1,520Insurance2,330Loan from ASC Finance Co.63,000Customs and wharfage11,254385,189385,189BSBFIA401 Assessment Task 02 v1.4Page 6 of 7Crown Institute of Business and Technology Pty Ltd ABN 86 116 018 412 National Provider No: 91371 CRICOS Provider Code: 02870DNorth Sydney Campus: 116 Pacific Highway North Sydney NSW 2060 P 02 9955 0488 F 02 9955 3888Sydney CBD Campus: Level 5, 303 Pitt St Sydney NSW 2000 P 02 8959 6340 F 02 9955 3888Canberra Campus: Suite 1, Level 4, 40 Cameron Avenue, Belconnen, ACT 2617 P 02 6253 51
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