Accounting for Business - Johnny Case Study - Financial Statement - Accounting and Finance Assignment Help

Assignment Task:

1. Johnny last received an electricity bill on 31 May 2020, and Johnny estimates that his power usage from then until 30 June 2020 will cost $1,950.

2. Sales Salary which is payable but not recorded as at 30 June is $9,500.

3. Both the Machinery and the Delivery Equipment are expected to be used evenly over their useful lives. Depreciation is calculated annually. The expected total useful lives and residual values of both assets are as follows:

4. $25,700 of the recorded Sales Revenue include sales of kitchen cabinets which will not be delivered to the customer until 2 July 2020.

5. As of 30 June 2020, Johnny has estimated that 1.5% of his Accounts Receivable will not be collected.

6. The balance in the Prepaid Insurance account represents a 12-month insurance policy that commenced on 1 May 2020.

7. In order to allow for cash flow fluctuations, the bank has approved a $70,000 loan facility for Johnny’s business bank account.

8. A stocktake from stationery room revealed that office supplies on hand at 30 June 2020 were $3,55

REQUIRED:

As it is now the end of the financial year, you are required to prepare any necessary Balance Day Adjustment Journal entries for BEGIN AGAIN.  

Use the General Journal document provided on the following page to record any journal entries required.
 

All journals must be correctly formatted and include a narration (explanation) for each entry

This Accounting and Finance Assignment has been solved by our Accounting and Finance Experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.