Question

The accounting records of Foley Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,300; Office Supplies, $1,000; Prepaid Rent, $2,250; Equipment, $9,500; Accumulated Depreciation Equipment, $0, Salaries Payable, $O; Unearned Revenue, $500; Service Revenue, $4,600; Salaries Expense, $800; Supplies Expense, $O; Rent Expense, $0; Depreciation Expense-Equipment, $0. The data developed for the March 31 adjusting entries are as follows: (Click the icon to view the data.) Read the requirements Requirement 1. Journalize the adjusting entries using the letter and March 31 date in the date column. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Service revenue accrued, $600. Date Accounts and Explanation Debit Credit (a) Mar. 31 0 More Info 0 Requirements a. Service revenue accrued, $600. b. Unearned revenue that has been earned, $300. c. Office Supplies on hand, $100. d. Salaries owed to employees, $200. e. One month of prepaid rent has expired, $750. f. Depreciation on equipment, $143. 1. Journalize the adjusting entries using the letter and March 31 date in the date column. 2. Post the adjustments to the T-accounts opened for you, entering each adjustment by letter. Show each account's adjusted balance. Print Done

Answer 1

Answer:

Adjusting Entries:

	Date	Account title and Explanation	Debit	Credit
a	Mar 31	Accounts receivable	$600
		Service revenue		$600
		[To record accrued service revenue]
b	Mar 31	Unearned revenue	$300
		Service revenue		$300
		[To record revenue earned from unearned]
c	Mar 31	Supplies expense [1,000-100]	$900
		Office supplies		$900
		[To record supplies expense]
d	Mar 31	Salaries expense	$200
		Salaries payable		$200
		[To record accrued salaries expense]
e	Mar 31	Rent expense	$750
		Prepaid rent		$750
		[To record rent expense]
f	Mar 31	Depreciation expense	$143
		Accumulated depreciation-equipment		$143
		[To record depreciation expense]