Willis Consulting follows the approach of recording prepaid expenses as expenses and unearned revenues as revenues. Williss

Question:

Willis Consulting follows the approach of recording prepaid expenses as expenses and unearned revenues as revenues. Willis’s unadjusted trial balance follows for the year ended March 31, 2020.

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Additional information:

a. A review of the Consulting Revenue account showed that $6,400 of the balance has not yet been earned.

b. The balance in the Rent Expense account was paid on January 15, 2020, and represents seven months of rent beginning February 1, 2020.

c. It was determined that $1,900 of the balance in the Insurance Expense account was used by March 31, 2020.

Required

Refer to Exhibit 3.22 and use the information provided to complete the columns above.

Exhibit 3.22

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Related Book For  book-img-for-question

Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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