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The following transactions relating to ABC Ltd for the month
of 20x1
a) Services performed in relation to income recieved in
advance total $1500
b)Supplies expense includes $400 of supplies that are still
on hand at 30 June
c)Interest accrued on the bank loan is 750
d)At the end of june paid rent for 3 months (June, july Aug)
$6000
e)Credit sales for the month of June 2009 amounted to
$50000. Past expierence shows that around 1.5% of net credit
sales are written off as bad debts. XYZ ltd, previously
notified ABC ltd that they have gone bankrupt, will be able
to pay $1000, which was recieved at the end of the month.
The provision of doubtful debt has an opening balance of
$800.
f) The owners of ABC Ltd wish to revise the balance of the
provision of doubtful debts account to $3500.
g) Depreciation of one year on the delivary van is $1500.
h) On 30 June 2009, ABC Ltd sold an item of equipment for
$40000 cash. The cost of equipment was $50000 and had a
accumulated depreciation balance of $2000
REQUIRED:
Prepare the relevant adjusting journal entries for the month
of June 20x2
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