Enter the following column headings across the top of a sheet of paper: Enter the transaction /

Question:

Enter the following column headings across the top of a sheet of paper:

Enter the transaction / situation letter in the first column and show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the amount and indicating whether it is an addition (+) or a subtraction (â€“). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting owners' equity. In some cases, only one column may be affected because all of the specific accounts affected by the transaction are included in that category. Transaction a has been completed as an illustration.
a. Provided services to a client on account; revenues totaled $550.
b. Paid an insurance premium of $360 for the coming year. An asset, Prepaid Insurance, was debited.
c. Recognized insurance expense for one month from the premium transaction in b via a reclassification adjusting entry.
d. Paid $800 of wages accrued at the end of the prior month.
e. Paid $2,600 of wages for the current month.
f. Accrued $600 of wages at the end of the current month.
g. Received cash of $1,500 on accounts receivable accrued at the end of the priormonth.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...