Journalise any necessary adjusting entries for ABC Accounting in the General Journal at 30thJune 2018. Explanations/Narrations are NOT required.
On the first of April paid rent in advance for 12 months, $15,000.
Received $4,000 Fees in Advance on 1st March 2018. At the 30th 25% of the work has been completed.
Employee Salaries owed for Monday to Wednesday of a five-day working week; the weekly payroll is $12,500.
Depreciation for one month on Office Equipment costing $5,000 with a salvage value of zero and a useful life of 10 years.
Interest expense accrued $1,300.
Explain why accrual accounting provides more complete information than cash basis accounting.
Spanners Accounting Practice reported the following account balances (all these accounts have normal balances) at 30 November 2017:
Sales and Marketing expense $2,100 Cash $1,100
Other assets $700 Service Revenue $5,500
Depreciation expense $800 Accounts Payable $500
Non-current liabilities $600 Accounts Receivable $900
Capital – Spanners $3,500 Drawings -Spanners $500
Required: Journalise Spanner’s closing entries, as needed for these accounts.
Why are closing entries necessary?
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