c. The beginning balance of Office Supplies was $2,300. During the year, Betterton purchased office supplies for $3,000, and at December 31 the office supplies on hand totaled $1,000. d. Betterton prepaid a two full years' insurance on July 1 of the current year, $6,000. Record insurance expense for the year ended December 31. e. Betterton had earned $2,800 of unearned revenue. f. Betterton had incurred (but not recorded) $200 of interest expense on a note payable. The interest will not be paid until February 28. g. Betterton billed customers $3,000 for welding services performed. Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries.
c. The beginning balance of Office Supplies was $2,300. During the year, Betterton purchased office supplies for $3,000, and at December 31 the office supplies on hand totaled $1,000. d. Betterton prepaid a two full years' insurance on July 1 of the current year, $6,000. Record insurance expense for the year ended December 31. e. Betterton had earned $2,800 of unearned revenue. f. Betterton had incurred (but not recorded) $200 of interest expense on a note payable. The interest will not be paid until February 28. g. Betterton billed customers $3,000 for welding services performed. Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 3RE: Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that...
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