Exercise 3 (1 mark) You are employed to investigate whether any accrual entries

Question

Exercise 3 (1 mark) You are employed to investigate whether any accrual entries are needed in the business Services. On completion of your investigation on 30 June, yo item needs attention: of XYZ have discovered that the following Employee salaries owned but not recorded, $ 9, 200 Prepare the adjusting entry in the General Journal for this item at the end of accounting period. Exercise 4 (I mark) Machinery is purchased on credit on 15 May 2011 for $30 000 plus GST. What should be the general journal entry to record this transaction?

Explanation / Answer

Journal Entries Date Account Title and explanation Debit Credit Answer = 1 30 th , June Salary $                     9,200      To Salary Payable $                       9,200 (To record the salary as payable for the month) Answer =2 15 May , 2011 Machienary $            30,000.00        To Account Payable $               30,000.00 (To Record the machienary purhcase on credit)

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