Net income(unadjusted) | $84,000 | |||
1. Adjustment of insurance | -$3,600 | |||
2. adjustment of deferred revenue | -$2,400 | |||
3. Adjustment of supplies | $1,950 | |||
4. Adjustment of interest | -$1,620 | (54000*4/12*9%) | ||
Net income (Adjusted) | $78,330 | |||
3 | Supplies in hand = 12,400, services to be provided to customer $3400 | |||
Supplies expense | $800 | |||
Service revenue | $150,400 | (146,000+4400) | ||
Adjusting entry(revenue) | Debit | Credit | ||
Deferred revenue | $4,400 | (7800-3400) | ||
Service revenue | $4,400 | |||
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You received partial credit in the previous attempt. During the course of your examination of the...
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During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2021, you come across several items needing further consideration. Currently, net income is $92,000. 1. An insurance policy covering 12 months was purchased on October 1, 2021, for $19,200. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2021. 2. During 2021, the company received a $3,200 cash advance from a customer...
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During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2018, you come across several items needing further consideration. Currently, net income is $88,000. a. An insurance policy covering 12 months was purchased on October 1, 2018, for $16,800. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2018 b. During 2018, the company received a $2,800 cash advance from a customer...
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