1. Annual depreciation is $420 on Equipment, adjust for one month, 2. Supplies on hand on December 31st are $300, 3. An electricity service bill (utility bill) for $150 has not been recorded and will not be paid until next month, 4. Salaries accrued at $1,900 for the month of December, 5. Rent was prepaid for one year, adjust for one month, 6. Phone service (utility) accrued at $70 for the month of December, 7. All of Unearned Service Revenues were earned (performed) during the period, 8. Invoices representing $3,200 of services performed during the month have not been recorded yet, 9. Interest accrued on notes payable at the end of the month $150, 10. Billed customers for services performed $1,500. Requirements: (a) Prepare the Adjusting entries for one month, (b) Post the transactions into the related T-Accounts.

1. Annual depreciation is $420 on Equipment, adjust for one month, 2. Supplies on hand on December 31st are $300, 3. An electricity service bill (utility bill) for $150 has not been recorded and will not be paid until next month, 4. Salaries accrued at $1,900 for the month of December, 5. Rent was prepaid for one year, adjust for one month, 6. Phone service (utility) accrued at $70 for the month of December, 7. All of Unearned Service Revenues were earned (performed) during the period, 8. Invoices representing $3,200 of services performed during the month have not been recorded yet, 9. Interest accrued on notes payable at the end of the month $150, 10. Billed customers for services performed $1,500. Requirements: (a) Prepare the Adjusting entries for one month, (b) Post the transactions into the related T-Accounts.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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