Question

The financial year for Drip Dry Cleaning Services ends on 30 June. Using the following information, make the necessary adjusting entries at year-end. Ignore GST. Ignore Narration.

1. On 15 February, Danielle Drip’s business borrowed $16 000 from Northern Bank at 8% interest. The principal and interest are payable on 15 August.
2. Drip Dry Cleaning Services purchased a 1-year insurance policy on 1 March of the current year for $660. A 3-year policy was purchased on 1 November of the previous year for $2700. Both purchases were recorded by debiting Prepaid Insurance.
3. The business has two part-time employees who each earn $220 a day. They both worked the last 3 days in June for which they have not yet been paid.
4. On 1 June, the Highup Hotel paid the business $2100 in advance for doing their dry cleaning for the next 3 months. This was recorded by a credit to Unearned Dry Cleaning Revenue.
5. The supplies account had a $280 debit balance on 1 July. Supplies of $1560 were purchased during the year and $190 of supplies are on hand as at 30 June.

Required:
Prepare the necessary adjusting entries at 30 June.

Answer 1

Answer:

I And I will have will be will be will we be able to with eiye item ite with r of a few days and I will lydi it to the next level and see then I have will work on e the it to you as tomorrow tomorrow to make be be in there the entire time e r you r just not ready to r r ready

Answer 2

Sry bro I don’t know the answer

: (