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Adjusting Entry Information Adjustment data at December 31 follow a. On December 15, Turbo IT Services contracted to perform services for a client, receiving $2,600

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Adjusting Entry Information Adjustment data at December 31 follow a. On December 15, Turbo IT Services contracted to perform services for a client, receiving $2,600 in advance. Turbo IT Services recorded this receipt of cash as Unearned Revenue As of December 31 , Turbo IT Services has completed $1,800 of the services. b. Turbo IT Services prepaid two months of rent on December 1. (Assume the Prepaid Rent balance as shown on the unadjusted trial balance represents the two months of rent prepaid on December 1 .) c. Turbo IT Services used $400 of supplies during the month. d. Depreciation for the equipment is $700. e. Turbo IT Services received a bill for December's online advertising, $400. Turbo IT Services will not pay the bill until January. (Use Accounts Payable) f. Turbo IT Services pays its employees on Monday for the previous week's salaries. Its employees earn $2,000 for a five-day workweek December 31 falls on Wednesday this year: g. On October 1, Turbo IT Services agreed to provide four-months of IT services (beginning October 1) for a customer for $2,040. Turbo IT Services has completed the services every month, but payment has not yet been received and no entries have been made. Adjusting Entry Information Adjustment data at December 31 follow a. On December 15, Turbo IT Services contracted to perform services for a client, receiving $2,600 in advance. Turbo IT Services recorded this receipt of cash as Unearned Revenue As of December 31 , Turbo IT Services has completed $1,800 of the services. b. Turbo IT Services prepaid two months of rent on December 1. (Assume the Prepaid Rent balance as shown on the unadjusted trial balance represents the two months of rent prepaid on December 1 .) c. Turbo IT Services used $400 of supplies during the month. d. Depreciation for the equipment is $700. e. Turbo IT Services received a bill for December's online advertising, $400. Turbo IT Services will not pay the bill until January. (Use Accounts Payable) f. Turbo IT Services pays its employees on Monday for the previous week's salaries. Its employees earn $2,000 for a five-day workweek December 31 falls on Wednesday this year: g. On October 1, Turbo IT Services agreed to provide four-months of IT services (beginning October 1) for a customer for $2,040. Turbo IT Services has completed the services every month, but payment has not yet been received and no entries have been made

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