Solved

Use the Following Unadjusted Trial Balance to Prepare Adjusting Entries

Question 98

Essay

Use the following unadjusted trial balance to prepare adjusting entries, given the additional information below it. Assume that financial statements are prepared quarterly. Omit explanations.
Use the following unadjusted trial balance to prepare adjusting entries, given the additional information below it. Assume that financial statements are prepared quarterly. Omit explanations. a. Of the revenue received in advance, 60 percent remained unearned on September 30. b. The office furniture has an estimated 12-year useful life and zero value at the end of that time. Record depreciation for the quarter. c. Salaries earned, but unpaid, totaled $2,600. d. The Prepaid Rent applies to the six months beginning July 1, 2010. e. Office supplies on hand totaled $600 at the end of the quarter. f. Services performed but not yet billed or recorded amount to $3,000.
a. Of the revenue received in advance, 60 percent remained unearned on September 30.
b. The office furniture has an estimated 12-year useful life and zero value at the end of that time. Record depreciation for the quarter.
c. Salaries earned, but unpaid, totaled $2,600.
d. The Prepaid Rent applies to the six months beginning July 1, 2010.
e. Office supplies on hand totaled $600 at the end of the quarter.
f. Services performed but not yet billed or recorded amount to $3,000. Use the following unadjusted trial balance to prepare adjusting entries, given the additional information below it. Assume that financial statements are prepared quarterly. Omit explanations. a. Of the revenue received in advance, 60 percent remained unearned on September 30. b. The office furniture has an estimated 12-year useful life and zero value at the end of that time. Record depreciation for the quarter. c. Salaries earned, but unpaid, totaled $2,600. d. The Prepaid Rent applies to the six months beginning July 1, 2010. e. Office supplies on hand totaled $600 at the end of the quarter. f. Services performed but not yet billed or recorded amount to $3,000.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q17: Which of the following accounts would appear

Q68: Revenue is produced when accounts receivable are

Q87: The intentional preparation of misleading financial statements

Q95: Instead of the word profit, accountants use

Q97: Which of the following accounts probably would

Q118: The matching rule relates the least to<br>A)

Q132: A deferral is the recognition of an

Q144: Which of the following accounts probably would

Q157: The adjustment for estimated property taxes would

Q221: Which of the following is an example