The financial year for uChampion (UC) ends on 31 May. The following adjusting entries need to be recorded for the month ending 31 May 2022: 1The Revenue ledger balance includes unearned revenue. 320 2The Repairs expense incurred but not paid at year-end. $360 The supplies account had a $50 debit balance on 1 June 2021. 3Supplies of $370 were purchased during the year and supplies $? of $60 are on hand as at 31 May 2022. 4Depreciation on Motor Vehicle is yet to be recorded. $350 5. The Insurance Expense ledger balance includes amount for insurance in June 2022. $300 The business paid for a Professional Secretary (PS) Magazine 6annual subscription on 1 December 2021. The prepaid subscription for the full year was.... $720 Required: Journalise the required adjusting entries for the month of May. Narrations are not required. You calculate $?

The financial year for uChampion (UC) ends on 31 May. The following adjusting entries need to be recorded for the month ending 31 May 2022: 1The Revenue ledger balance includes unearned revenue. 320 2The Repairs expense incurred but not paid at year-end. $360 The supplies account had a $50 debit balance on 1 June 2021. 3Supplies of $370 were purchased during the year and supplies $? of $60 are on hand as at 31 May 2022. 4Depreciation on Motor Vehicle is yet to be recorded. $350 5. The Insurance Expense ledger balance includes amount for insurance in June 2022. $300 The business paid for a Professional Secretary (PS) Magazine 6annual subscription on 1 December 2021. The prepaid subscription for the full year was.... $720 Required: Journalise the required adjusting entries for the month of May. Narrations are not required. You calculate $?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 13PA: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...

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