Date | Account title and explanation | Debit | Credit |
Jan 31. | Unearned revenue | $250 | |
To service revenue | $250 | ||
( Being recorded the service revenue that was collected in advance) | |||
Jan.31 | salaries expenses | $2000 | |
To salaries payable | $2000 | ||
( Being salaries expenses accrued) | |||
Jan.31 | Account receivables | $950 | |
To service revenue | $950 | ||
( Being service revenue accrued) | |||
Jan.31 | interest expenses | $150 | |
To interest payable | $150 | ||
( Being interest expenses accrued) |
Note:-
A:- unearned revenue for 1 month = $2500/10 month = $250
B:- service expenses = $4000/2 = $2000
As salaries are paid on 1st and 15th of the month.
ng entries monthly. Journalize the adjusting entries needed as of January 31. (Record debits firs mal...
Journalize the adjusting entries needed as of January 31. (Record debits first, then credits Select the explanation on the last line of the journal entry table.) a. Business receives $2,500 on January 1 for 10-month service contract for the period January 1 through October 31. (When the cash was recelived on January 1, assume that a liability account was credited. Assume services are performed evenly each month throughout the term of the contract.) Date Accounts and Explanation Debit Credit Jan....
Consider the following situations: (Click the icon to view the situations.) Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of January 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Business receives $2,400 on January 1 for 10-month service contract for the period January 1 through October 31. (When the cash was received on January 1, assume that a liability account was credited. Assume services...
E3-21 (similar to) Question Help Consider the following situations: (Click the icon to view the situations.) Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of January 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Business receives $2,000 on January 1 for 10-month service contract for the period January 1 through October 31. (When the cash was received on January 1, assume that a liability...
Consider the following situations: a. Business receives $3,200 on January 1 for 10-month service contract for the period January 1 through October 31. b. Total salaries for all employees is $3,600 per month. Employees are paid on the 1st and 15th of the month. c. Work performed but not yet billed to customers for the month is $1,600. d. The company pays interest on its $16,000, 4% note payable of $53 on the first day of each month. Assume the...
Fill in with the info given.
Save Homework: Chapter 3 part B homework Score: 0 of 1 pt 1 of 8 (0 complete) E3-21 (similar to) HW Score: 0%, 0 of 9 pts Question Help Consider the following situations: i (Click the icon to view the situations.) Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of January 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)...
Prepare Adjusting entries for the information provided. 1 January 3 Employees are paid monthly on the first business day of the month for work done in the previous month. The total payroll for the previous month is $110,000. (Ignore payroll taxes for this assignment.) Accounting wrote and distributed the paychecks. 2 GBI received $55,692 in safety product inventory and $37,128 in raw materials from Dallas Bike Basics. This inventory was ordered on December 28. The payment terms for the invoice total of $92,820...
i need requirement 4-7 please . just submitted the parts i
already did . thank you !
k Dividends Fuel Expense 0 Requirements Х reciation- O Bal he trial balance.) are an unadju s you prepare Miller Deliv Unadjusted Decembe 1. Record each transaction in the journal using the following chart of accounts. Explanations are not required. Cash Retained Earnings Accounts Receivable Dividends Office Supplies Income Summary Prepaid Insurance Service Revenue Truck Salaries Expense Accumulated Depreciation-Truck Depreciation Expense—Truck Accounts Payable...
Make journal entries for the following and assume transactions up to November 30 have been correctly recorded!!! On February 3, 2017, FCM signed an agreement with Deion Sanders to provide media consulting for his football camp. On December 1, FCM completed some of the work for Sanders, and issued an invoice for $15,000. Full payment was received on January 15, 2018. Note: the project did not involve video production. On December 1, to prepare for expansion, FCM issued 1,000 shares...