Policy is for 1 years. 4. $900 of the balance of the Unearned Revenue account remains Unearned at the end of the month. 5. Jamal has three employees, 3 days accrued salaries for October and each employee paid $50 per day. 6. The furniture is being depreciated at $200 per month. 7. $1000 of services performed during the month have not been recorded as of May 31. Required : Prepare the Adjusting entries as at May 31,2010.
Policy is for 1 years. 4. $900 of the balance of the Unearned Revenue account remains Unearned at the end of the month. 5. Jamal has three employees, 3 days accrued salaries for October and each employee paid $50 per day. 6. The furniture is being depreciated at $200 per month. 7. $1000 of services performed during the month have not been recorded as of May 31. Required : Prepare the Adjusting entries as at May 31,2010.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Q1. Jamal started his own business on May 1,2010. The following accounts selected from his trial balance at May 31 is as follows:
Supplies 1900, Prepaid Insurance 3600, Furniture 10200, Unearned Revenue 2000.
Analysis reveals the following data:
1. $900 of supplies currently on hand.
2. Transportation expense incurred but not paid $200 on May 31,2010.
3. The Insurance Policy is for 1 years.
4. $900 of the balance of the Unearned Revenue account remains Unearned at the end of the month.
5. Jamal has three employees, 3 days accrued salaries for October and each employee paid $50 per day.
6. The furniture is being depreciated at $200 per month.
7. $1000 of services performed during the month have not been recorded as of May 31.
Required : Prepare the Adjusting entries as at May 31,2010.
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