Answer to Question #208855 in Economics for Melissa

Question

ACCOUNTING

Shelly Ryce was employed at Tele Company for 10 years. In recent times, Shelly was made redundant & as a part of her redundancy payment package, she received $2,000,000. Shelly has always loved wearing different hair extensions, & realizing how lucrative the hair business. She decided that she wants to start a hair supplies store, called “Shelly Hair.” Shelly started operations on May 1, 2021, & has been advised that even though it is a small business, it is important to keep proper accounting records.

The following transactions:

May 18 - Miss Ryce paid her cashier a cheque of $15,000 for her fortnightly salary.

1. Journalize & post adjusting entries, using the following information:

• The cashier complained that she was short-paid $2,500. Investigations revealed that she was in fact short-paid for the month of May 2021.
• The insurance for "Shelly Hair" was due and payable by May 1. The

annual premium is $72,000 & the expense is incurred on a pro-rata basis.

Answer 1

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