Furniture & Fittings
3. A physical stocktake of inventory on 30 June 2019 revealed $98 000 of stock on hand.
4. A count of the stationery room revealed that office supplies on hand at 30 June 2019
were $2 418. (Hint: The difference between the supplies on hand and supplies in the unadjusted trial balance should be treated as an expense.)
5. The balance in the Prepaid Rent account represents a 6-month rent payment for rent that commenced on 1 April 2019.
6. Sales Revenue includes an amount of $4 000 for a printing job that Stationery & Stuff will only print and deliver to their client on 18 July 2019.
7. As of 30 June 2019, Victoria has estimated that 5% of the Accounts Receivable may not be collected.
8. Victoria last paid a telephone bill on 31 May 2019, and estimates that the telephone account for the business for June 2019 will be $380.
It is now the end of the financial year (30 June 2019) and Wade has asked you to prepare any necessary balance day adjusting journals.
IMPORTANT* Journals must be correctly formatted and must include a date and a narration (explanation) for each entry. Marks will be deducted if this instruction is not followed.
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