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?

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?

Which journal entry reflects the adjusting entry needed on December 31?:In November, BOC prepaid $30,000 of rent for December, January, and February (and it was recorded properly). Now, it is December 31, the end of the fiscal year. 1 pointDr.  Rent Expense        30,000   Cr.  Prepaid Rent                   30,000Dr.  Rent Expense        10,000   Cr.  Prepaid Rent                   10,000Dr.  Rent Expense        30,000   Cr.  Cash                         30,000Dr.  Rent Expense        10,000   Cr.  Cash                         10,000No entry needed.

The balance in the Prepaid Rent account before adjustment at the end of the year is $12,000 and represents three month’s rent paid on 1 December. The adjusting entry required on 31 December is:Group of answer choicesDebit Prepaid rent, $4,000; Credit Rent expense $4,000.Debit Prepaid rent, $8,000; Credit Rent expense, $8,000.Debit Rent expense, $12,000; Credit Prepaid rent, $12,000.Debit Rent expense, $4,000; Credit Prepaid rent, $4,000.

Prepare year-end adjustments at 30 June for the following transactions. Unrecorded interest receivable that has accrued on investment bonds is $2,500. Service revenues of $15,000 were collected in advance. By the year end, a third was earned. 2 years’ rent, totalling $24,000, was paid in advance at the beginning of the year. The company has performed services totalling $15,000 but not yet invoiced by the end of the year. Depreciation on equipment, $3,000, has not been recognised for the year. $4,800 was paid for 12-months insurance policy covering from 1 February. Since the payment, the firm hasn’t recognised any insurance expense yet.

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?