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2025-HS1-ACC60008-Accounting Systems and Reporting-H1 Assessment 1: Mid semester test

Multiple fill-in-the-blank

Record the adjusting  general journal entry as at 30 June for following transaction: On 1 June Larry paid office rent $5,700 (GST exclusive) for the next 3 months. This was originally recorded as an expense. If GST is not applicable record '0' in all GST fields.   Debit account code: [Fill in the blank], Debit amount: $[Fill in the blank], Credit account code: [Fill in the blank], Credit amount: $[Fill in the blank], GST account code: [Fill in the blank], GST debit/credit:[Fill in the blank], GST amount: $[Fill in the blank],  

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Let’s walk through the adjusting entry step by step and then map the correct values to each blank. Context: On 1 June, $5,700 (GST exclusive) was paid for office rent for the next 3 months. This had been recorded as an expense. By 30 June, two months of the 3-month period remain (July and August), so $3,800 of the rent should be classified as a prepaid expense asset (2 months × $1,900 per month = $3,800). There is no GST to record since GST is not applicable in this problem, so all GST fields will be zero. 1) Debit account code: Which ......Login to view full explanation

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