Ref-1: A major installation project was started for a customer on 1$ August, 2022. The project would take twelve months to complete. The customer paid $60,000 for the entire project upfront to Profast Limited on 1S August, 2022, and this amount was initially recorded as a 'Revenue received in advance' liability. What is the required adjusting journal entry to ensure the appropriate revenue for this project as at the 2023 June 30thfinancial year end has been accounted for?

Ref-3: On 1St March, 2023, the company borrowed $120,000 cash from the local bank on a one-year, 6% bank loan, and the transaction was recorded properly. The interest expense incurred is payable to the bank at the end of 12 months. What is the required adjusting journal entry for the 2023 30th June financial year end in relation to the interest expense incurred?

Ref-2: On 1St October, 2022, a rent payment of $360,000 was made for two years in advance with respect to the company's warehouse premises, and debited in full to 'Prepaid Rent'. The rental tenancy began on 1st October, 2022. What is the required adjusting journal entry for the 2023 financial year end?

An accountant volunteers 20 hours of her services to a charity for no charge.  She would normally charge a client $150 per hour.  Assuming the charity chooses to record this economic event, what is the journal entry?  Ignore GST.Question 4Answera.DR Operating expense $3,000; and CR Revenue $3,000b.DR Operating expense $3,000; and CR Accounts payable $3,000c.DR Retained surplus $3,000; and CR Revenue $3,000d.DR Accounts receivable $3,000; and CR Revenue $3,000

Which journal entry reflects the adjusting entry needed on December 31?:Last year, BOC purchased software for $10,000. The expected life of the software is 2 years and it has no expected salvage value. Now, it is December 31, the end of the fiscal year. No other entries were recorded for this software during the year.1 pointDr.  Software Amortization Expense     5,000     Cr.  Software                                                    5,000Dr.  Software Amortization Expense     5,000     Cr.  Software Revenue                            5,000No entry needed. Dr.  Software Amortization Expense     5,000     Cr.  Cash                                                    5,000Dr. Software Amortization Expense 5,000 Cr. PP&E 5,000

On 1 June, $12,900 is received from customers in advance (recorded as a liability) for painting services to be provided over the next three months. The adjusting journal entry required on 30 June at the end of the accounting cycle is (narrations not provided):