Below is the unadjusted Trial Balance for Stationery Stuff, a stationery and printing company owned and operated by Victoria Smith, as at 30 June…

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8 years

$3 200

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.

REQUIRED:

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

Use the General Journal document provided to record the correctly formatted journal entries required.

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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