The following information is available at balance date of 31/12/X1;ignore GST:
1.Bad debts to be written off are $4,500.
2.Buildings depreciation rate is 2% straight line for the whole year.
3.Machinery depreciation rate is 20% diminishing value for the whole year.
4.Insurance was commenced and paid on 1 April 20X1 for a whole year.
5.The last rent received was for 3 months in advance on 1/11/X1;rent is $1,000 per month.
6.The term deposit interest rate is 10%;interest was last received on 30/06/X1 to cover up to and including that date.
7.Sales salaries are $8,000 per month;they were last paid on 31/10/X1 to cover up to that date.
State the names of accounts affected by these adjustments,the type of account,whether the account increases or decreases,the adjustment amount,and any necessary calculation.
Below is an example of how to set out your

Question

The following information is available at balance date of 31/12/X1;ignore GST:
  1.Bad debts to be written off are $4,500.
2.Buildings depreciation rate is 2% straight line for the whole year.
3.Machinery depreciation rate is 20% diminishing value for the whole year.
4.Insurance was commenced and paid on 1 April 20X1 for a whole year.
5.The last rent received was for 3 months in advance on 1/11/X1;rent is $1,000 per month.
6.The term deposit interest rate is 10%;interest was last received on 30/06/X1 to cover up to and including that date.
7.Sales salaries are $8,000 per month;they were last paid on 31/10/X1 to cover up to that date.
State the names of accounts affected by these adjustments,the type of account,whether the account increases or decreases,the adjustment amount,and any necessary calculation.
Below is an example of how to set out your

Quizplus · Accepted Answer

The Answer of The following information is available at balance date of 31/12/X1;ignore GST:
  1.Bad debts to be written off are $4,500.
2.Buildings depreciation rate is 2% straight line for the whole year.
3.Machinery depreciation rate is 20% diminishing value for the whole year.
4.Insurance was commenced and paid on 1 April 20X1 for a whole year.
5.The last rent received was for 3 months in advance on 1/11/X1;rent is $1,000 per month.
6.The term deposit interest rate is 10%;interest was last received on 30/06/X1 to cover up to and including that date.
7.Sales salaries are $8,000 per month;they were last paid on 31/10/X1 to cover up to that date.
State the names of accounts affected by these adjustments,the type of account,whether the account increases or decreases,the adjustment amount,and any necessary calculation.
Below is an example of how to set out your

The Following Information Is Available at Balance Date of 31/12/X1;ignore