Novak Corp. records all prepayments in
income statement accounts. At April 30, the trial balance shows
Supplies Expense $2,300, Service Revenue $8,900, and zero balances
in related balance sheet accounts. Prepare the adjusting entries at
April 30 assuming: (Credit account titles are automatically
indented when the amount is entered. Do not indent manually.) (a)
$600 of supplies on hand and (b) $2,100 of service revenue should
be reported as unearned.
Homework Answers
| No | Date | Account Titles and Explanation | Debit | Credit |
| (a) | Apr. 30 | Supplies | $600 | - |
| Supplies expense | - | $600 | ||
| (b) | Apr. 30 | Service revenue | $2,100 | - |
| Unearned service revenue | - | $2,100 |
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