Question

Saved The information necessary for preparing year-end adjusting entries appears below. The company's fiscal year-end is December 31 a. Utilities for the month of December are $6,100 but won't be paid until January of the following year. b. On April 1, the company collected $16,000 from customers for services to be provided over the next 12 months. At that time, the amount was credited to Deferred Revenue. By the end of the year, nine months of those services have been provided. c. On October 1, $12,000 was paid to rent space over the next nine months. At that time, the amount was debited to Prepaid Rent. d. On December 1, the company agrees to provide services for a three-month period and to receive payment of $6,000 at the end of that period. By the end of the year, one month of services have been provided. 330 Required: Record the necessary year-end adjusting entries. No prior adjustments have been made during the year. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3. 4 Record the adjusting entry for utilities. Utilities for the month of December are 56,100 but won't be paid until January of the following year. Note: Enter debits before credits General Journal Debit Credit Event (a) Record entry Clear entry View general journal

Answer 1

Journal Entry
S. No.	Account Tittle	Debit	Credit
a.	Utilities Expense	$6,100.00
	Account Pyable		$6,100.00
b.	Deferred Revenue	$12,000.00
	Service Revenue (16000/12*9)		$12,000.00
c.	Rent Expense	$4,000.00
	Prepaid Rent (12000/9*3)		$4,000.00
d.	Acccount Receivable	$2,000.00
	Service revenue (6000/3)		$2,000.00