Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A business prepared year - end adjusting entries using the following information. Use this information to record any necessary reversing entries for accounting adjustments 1

A business prepared year-end adjusting entries using the following information. Use this information to record any necessary reversing entries for accounting adjustments 1 through 4. Assume the business uses reversing entries.
The business earned $10,000 of its Unearned Consulting Revenue account balance.
Workers have earned wages of $2,400, but they have not yet been paid.
The business earned, but had not yet recorded, $4,500 in consulting revenues.
The expired portion of prepaid rent was $1,000.
Note: Select "Reversing entry not required" if the transaction does not require a reversing entry.
Journal entry worksheet
1
2
3
4
The business earned $10,000 of its Unearned Consulting Revenue account balance.
Note: Enter debits before credits.
\table[[Transaction,General Journal,Debit,Credit],[1.,,,],[,,,]]
26 of 60
Next
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Ethics

Authors: Iris Stuart

1st Edition

1118542401, 9781118542408

More Books

Students also viewed these Accounting questions