Hi Noriel, Good Day! I would like to check if you have renewed insurance policy for JJJ (stock, inland and fidelity). If you have, we would like to request copies. Thanks,butch

After you fill out this order request, we will contact you to go over details and availability before the order is completed. If you would like faster service and direct information on current stock and pricing please contact us at Contact us at (123) 456-7890 or [email protected]

True or false:Jasjot Ltd. purchases a 6-month insurance policy which covers damage to their inventory in the event of a fire.This insurance is included in the cost of inventory.Group of answer choicesTrueFalse

Knox Ltd. completed the following transactions during its first month of operations for August 2023. 01 Aug Knox Ltd. began operations by issuing shares for $20,000 cash and a vehicle worth $10,000 01 Aug Borrowed $15,000 from the bank 01 Aug Prepaid $1,800 for 9-month insurance policy effective until 30 April, 2024. 08 Aug Performed consulting services for a customer and invoiced the customer $5,000, terms (3/14, n/60) 12 Aug Received $8,000 in advance for services to be performed from August to December 22 Aug Collected $5,000 cash balance from a customer on 08 Aug account 31 Aug Paid $2,000 cash dividend Knox Ltd. – Chart of accounts Assets Liabilities Equity Revenues Expenses 100 Cash 202 Salaries payable 300 Share capital 400 Service revenue 500 Salaries expense 105 Accounts receivable 203 Unearned service revenue 305 Retained earnings 505 Insurance expense 111 Prepaid insurance 205 Bank loan 310 Dividends 510 Interest expense 112 Vehicle 210 Interest payable 330 Income summary 520 Discount allowed Notes: (i) If you believe no journal is required, explain the reason(s); (ii) Ignore the effects of GST; (iii) Please include date, account names, account numbers, and amount credited/debited in your journal entries. Narrations are NOT required. Calculate the Knox Ltd’s total assets, total liabilities, and total equity as at 31 August 2023

Knox Ltd. completed the following transactions during its first month of operations for August 2023. 01 Aug Knox Ltd. began operations by issuing shares for $20,000 cash and a vehicle worth $10,000 01 Aug Borrowed $15,000 from the bank 01 Aug Prepaid $1,800 for 9-month insurance policy effective until 30 April, 2024. 08 Aug Performed consulting services for a customer and invoiced the customer $5,000, terms (3/14, n/60) 12 Aug Received $8,000 in advance for services to be performed from August to December 22 Aug Collected $5,000 cash balance from a customer on 08 Aug account 31 Aug Paid $2,000 cash dividend Knox Ltd. – Chart of accounts Assets Liabilities Equity Revenues Expenses 100 Cash 202 Salaries payable 300 Share capital 400 Service revenue 500 Salaries expense 105 Accounts receivable 203 Unearned service revenue 305 Retained earnings 505 Insurance expense 111 Prepaid insurance 205 Bank loan 310 Dividends 510 Interest expense 112 Vehicle 210 Interest payable 330 Income summary 520 Discount allowed Notes: (i) If you believe no journal is required, explain the reason(s); (ii) Ignore the effects of GST; (iii) Please include date, account names, account numbers, and amount credited/debited in your journal entries. Narrations are NOT required.

Knox Ltd. completed the following transactions during its first month of operations for August 2023. 01 Aug Knox Ltd. began operations by issuing shares for $20,000 cash and a vehicle worth $10,000 01 Aug Borrowed $15,000 from the bank 01 Aug Prepaid $1,800 for 9-month insurance policy effective until 30 April, 2024. 08 Aug Performed consulting services for a customer and invoiced the customer $5,000, terms (3/14, n/60) 12 Aug Received $8,000 in advance for services to be performed from August to December 22 Aug Collected $5,000 cash balance from a customer on 08 Aug account 31 Aug Paid $2,000 cash dividend Knox Ltd. – Chart of accounts Assets Liabilities Equity Revenues Expenses 100 Cash 202 Salaries payable 300 Share capital 400 Service revenue 500 Salaries expense 105 Accounts receivable 203 Unearned service revenue 305 Retained earnings 505 Insurance expense 111 Prepaid insurance 205 Bank loan 310 Dividends 510 Interest expense 112 Vehicle 210 Interest payable 330 Income summary Prepare adjusting journal entries based on the following additional information (12 marks): (1) Salaries amounting to $3,000 were not paid and not recorded as of 31 August. (2) Interest of $500 has accrued on a bank loan. (3) A month of prepaid insurance has been expired by 31 August. (4) Service was performed during the month in relation to 15% of revenue received in advance on 12 Aug 520 Discount allowed