Question

QS 3-14 Accrued revenues adjustments LO P4

3 Accrued Revenues i Help Save & Exit Check my QS 3-14 Accrued revenues adjustments LO P4 Record adjusting journal entries for each of the following for year ended December 31 Assume no other adjusting entries are made during the year a. Accounts Receivable. At year-end, the L Cole Company has completed services of $26.000 for a client, but the client has not yet been billed for those services b. Interest Receivable. At year-end, the company has earned, but not yet recorded, 5670 of interest earned from its investments in government bonds. c. Accounts Receivable. A painting company collects fees when jobs are complete. The work for one customer whose job was bid at $1,860, has been completed, but the customer has not yet been billed. View transaction list Journal entry worksheet At year-end, the L Cole Company has completed services of $25.000 for a P 1 of 8 Next >

Answer 1

Solution:

Journal Entries
Event	Particulars	Debit	Credit
a	Accounts receivables Dr	$26,000.00
	To Service revenue		$26,000.00
	(To record service revenue)
b	Interest receivables Dr	$670.00
	To Interest revenue		$670.00
	(To record interest revenue)
c	Accounts receivables Dr	$1,860.00
	To Service revenue		$1,860.00
	(To record service revenue)