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2.5 - Balance Day Adjustments [intermediate Quiz]

Question 1 of 3
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Q1 . Record Driver's Wages Owing $2450.

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Q2 . Dividends owing on shares we have invested in another company.

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Q3 . Invoice on Hand for Electricity $1,092.50 including GST.

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Q4 . Record interest owing on the term deposit that we have put into the bank - $560.

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Q5 . Interest owing on balance date is $450 [this is in relation to a loan that was taken out from the bank].

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Q6 . Write off Bad Debts. $3,588 including GST.

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Q7 . Close Phil's drawings account for the year ended 31 / 03 / 2012 [drawings are at $55,000].

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Q8 . Shop rent is $2,500 per month excluding GST. Two months has been paid for in advance. The business uses the shop to sell its goods and pays the shop rent to Ray White Real Estate.

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Q9 . Record the adjustment to the allowance to doubtful debts to 5% of Accounts Receivable.

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Q10 . Record depreciation on shop fixture and fittings at 20% per annum, using the diminishing value method. Shop fixture and fittings cost $20,000. Accumulated depreciation to date is $5,000.

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Q11 . Depreciation on manager's truck is 15% per annum, use the straight-line method. Manager's truck cost $40,000. Accumulated depreciation to date is $6,000.