(Adjusting Entries) Selected accounts of Urdu Company are shown below. From an analysis of the T-accounts, reconstruct...
Question:
(Adjusting Entries) Selected accounts of Urdu Company are shown below. From an analysis of the T-accounts, reconstruct
(a) The October transaction entries, and
(b) The adjusting journal entries that were made on October 31,2005.
Beg. Bal. 10/15 10/31 10/31 Supplies 800 10/31 Salaries Expense 800 600 Unearned Service Revenue 400 10/20 Service Revenue 10/17 10/31 10/31 470 650 2,400 1,650 400 10/15 10/31 10/31 Accounts Receivable 2,400 1,650 Salaries Payable 10/31 Supplies Expense 470 600
Step by Step Answer:
a 1015 Salaries Expense Cash To record payment of October 15 payroll 1017 Ac...View the full answer
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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