Question

connec Platom omework Saved Check my work mode : This shows what is correct or incorrect for the work y Income Statements For Year Ended December 31 Unadjusted Adjusted $24,000 42,500 $66,500 $28,800 42,500 71,300 Revenues Fees earned Commissions earned Total revenues Expenses Depreciation expense Computers Depreciation expense-Office furniture Salaries expense Insurance expense Rent expense office supplies expense Advertising expense Utilities expense Total expenses Net income @ 12,500 @ 4,500 1,200 1,400 14,460 1,040 4,500 384 3,000 1, 306 27, 290 $44,010 3,000 1,250 21,250 $45, 250 Analyze the statements and prepare the seven adjusting entries that likely were recore been earned but not yet billed. None of the entries involve cash. Answer is complete but not entirely correct. No Event General Journal 1 a Accounts receivable Fees earned < Prey 6 of 12 13

Answer 1

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Debit $ Credit $ Adjusting entries: S.no. Accounts title and explanations a. fees earned but not billed: Accounts receivable account Fees earned 4800 4800 b. Depreciation to be charged on Computers: Depreciation expenses-Computer 1200 Accumulated Depreciation-Computer 1200 C. Depreciation to be charged on Office equipment: Depreciation expenses-Office equipment 1400 Accumulated Depreciation Office Equipment 1400

d. Outstanding Salaries: Salaries expenses Salaries Payable 1960 1960 e. Insurance expired for the period: Insurance Expenses Prepaid Insurance 1040 1040 f. Supplies consumed during the year: Office Supplies expenses Office Supplies 384 384

g. Outstanding Utilities: Utilities Expenses Utilities Payable 56 56