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3 Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid, Accrual, or Depreciation. Use Unadj. Bal. as the label for the
3 Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid, Accrual, or Depreciation. Use Unadj. Bal. as the label for the opening balance of each account. Calculate the adjusted balance and use a Bal. posting reference to show the ending balance of each account. Enter each transaction on the first available line in the T-Account. Customers were billed for $2,010 for work completed. The Service Revenue unadjusted balance as of December 31 is 57,600. Adjustment Type: Accrual Accounts Receivable Service Revenue Nov. 1 Nov. 15 Dec. 1 Dec. 31 Una Bal A two-year insurance policy for $1,320 was purchased on November 1 of the current year. Record the transaction for the two months ended December 31. Adjustment Type: Deferrals/Prepaids Insurance Expense Prepaid Insurance Depreciation for the current year includes Equipment, $4,520. The Accumulated Depreciation - Equipment unadjusted balance as of December 31 is $11,400. Adjustment Type: Depreciation Depreciation Expense - Equipment Accumulated Depreciation - Equipment Nov. 1 Nov. 16 Dec. 1 Dec 31 Unadj. Bal
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