Question

NOVI Agreed to provide consulting services to XYZ Company. XYZ paid $10.000 in advance work will be done in December 2017 and January 2018 Account Debit Credit Date ald 10,000 in advance. The Onearned revenue Dec. Date Received $4.000 cash from Jodi Thompson for services rendered on Account Debit Nov Credit 4.000 Dec 31 Completed half of the work paid for by XYZ Company on Nov 15th. Make the necessary adjusting entry to reflect the work completed. Account Debit Credit Date Dec 31 The Office Supplies account has a debit balance of $8,000; an inventory results in a count $1,000 of supplies still on hand. Make the necessary adjusting entry. Date Debit Credit Account supplies expense 57000 $7,00) Supores

Answer 1

Journal entries are as follows:-

Credit Date Account Titles Nov-15 Cash Unearned Revenue Debit 10,000.00 $ $ 10,000.00 $ 4,000.00 Dec-01 Cash Account Receivables $ 4,000.00 $ 5,000.00 Dec-31 Unearned Revenue ($10,000 / 2) Service Revenue $ 5,000.00 $ 7,000.00 Dec-31 Supplies expenes ($8,000 - $1,000) Office Supplies $ 7,000.00