Prepare Adjusting Entries for the Following Transactions

Essay

Prepare adjusting entries for the following transactions. 1. Interest accrued on notes receivable is $270. 2. Property taxes owing but not paid or recorded amount to $700 . 3. Legal service revenues of $3,000 were collected in advance. By year end, $600 was earned. 4. Prepaid insurance had a $400 debit balance prior to adjustment. By year end, 40% was still unexpired. 5. Salaries owing at year end but not yet paid or recorded amounted to $950 .