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Riverbed, CPA, opened an accounting consulting practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1.   Performed services for customers with terms net 60. At January 31, $3,750 of such services was performed but not yet billed to the insurance companies. 2.   Utility expenses incurred but not paid prior to January 31 totaled $1,260. 3.   Purchased computer and networking equipment on January 1 for $32,000, paying $16,000 in cash and signing a $16,000, 3-year note payable. The equipment depreciates $640 per month. Interest is $160 per month. 4.   Purchased a one-year insurance policy on January 1 for $19,200. 5.   Purchased $2,300 of supplies. On January 31, determined that $650 of supplies were on hand. Prepare the adjusting entries on January 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Riverbed, CPA, opened an accounting consulting practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1.   Performed services for customers with terms net 60. At January 31, $3,750 of such services was performed but not yet billed to the insurance companies. 2.   Utility expenses incurred but not paid prior to January 31 totaled $1,260. 3.   Purchased computer and networking equipment on January 1 for $32,000, paying $16,000 in cash and signing a $16,000, 3-year note payable. The equipment depreciates $640 per month. Interest is $160 per month. 4.   Purchased a one-year insurance policy on January 1 for $19,200. 5.   Purchased $2,300 of supplies. On January 31, determined that $650 of supplies were on hand. Prepare the adjusting entries on January 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 12PB: Prepare journal entries to record the following transactions that occurred in March: A. on first day...
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Riverbed, CPA, opened an accounting consulting practice on January 1, 2020. During the first month of operations, the following transactions occurred.

1.   Performed services for customers with terms net 60. At January 31, $3,750 of such services was performed but not yet billed to the insurance companies.
2.   Utility expenses incurred but not paid prior to January 31 totaled $1,260.
3.   Purchased computer and networking equipment on January 1 for $32,000, paying $16,000 in cash and signing a $16,000, 3-year note payable. The equipment depreciates $640 per month. Interest is $160 per month.
4.   Purchased a one-year insurance policy on January 1 for $19,200.
5.   Purchased $2,300 of supplies. On January 31, determined that $650 of supplies were on hand.


Prepare the adjusting entries on January 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

 

List of Accounts

Assistance Used

 
 
  • Accounts Payable
  • Accounts Receivable
  • Accumulated Depreciation-Buildings
  • Accumulated Depreciation-Equipment
  • Administrative Expenses
  • Admissions Revenue
  • Advertising Expense
  • Allowance for Doubtful Accounts
  • Bad Debt Expense
  • Buildings
  • Cash
  • Common Stock
  • Cost of Goods Sold
  • Current Maturity of Long-Term Debt
  • Delivery Expense
  • Depreciation Expense
  • Dividends
  • Dues Revenue
  • Equipment
  • Green Fees Revenue
  • Income Summary
  • Income Tax Expense
  • Insurance Expense
  • Interest Expense
  • Interest Payable
  • Interest Receivable
  • Interest Revenue
  • Inventory
  • Land
  • Maintenance and Repairs Expense
  • Mortgage Payable
  • No Entry
  • Notes Payable
  • Notes Receivable
  • Office Expense
  • Owner's Capital
  • Owner's Drawings
  • Prepaid Advertising
  • Prepaid Insurance
  • Prepaid Rent
  • Property Tax Expense
  • Property Tax Payable
  • Rent Expense
  • Rent Receivable
  • Rent Revenue
  • Retained Earnings
  • Salaries and Wages Expense
  • Salaries and Wages Expense-Administrative
  • Salaries and Wages Expense-Sales
  • Salaries and Wages Payable
  • Sales
  • Sales Discounts
  • Sales Returns and Allowances
  • Sales Revenue
  • Selling Expenses
  • Service Revenue
  • Subscription Revenue
  • Supplies
  • Supplies Expense
  • Telephone and Internet Expense
  • Utilities Expenses
  • Unearned Admissions Revenue
  • Unearned Dues Revenue
  • Unearned Service Revenue
  • Unearned Rent Revenue
  • Unearned Subscriptions Revenue
  •  
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