Chapter 4 Practice Question (unge X Chapter 4 Graded HW Problems X Accounting question ! Chegg X ezto.mneducation.com/hm.tpx Cactus Company's annual accounting year ends on June 30. Assume it is June 30, and all of the entries except the following adjusting journal entries have been made The company earned service revenue of S2000 on a special job that was completed June 29 b. On March 31, Cactus paid a six-month premium for property insurance in the amount of $3,200 for c. At June 30, wages of $900 were earned by employeas but not yet paid. The employeas will ba paid on d. On June 1, Cactus collected two months revenue of $450. At that date, Cactus debited Cash and . Depreciation of S1,500 must be recognized on a sevice truck purchased on July 1 of the previous year Collection will be made during July, no antry has been recorded. coverage starting en that date. Cash was credited and Prepaid Insurance was debiled for this amount the next payroll date, which is July 15 credited Uneamed Revenue for $450 One-half of it has navw been eamed but not yet recorded t. Cash of $4,200 was collected on May 1 for services to be rendered evenly over the next year beginning on May 1. Unearned Revenue was credited when the cash was receved Some af it has now been eamad but not yet recordad when the loan is repaid next year on January 31 tax rate is 30%. Compute and record income tax expense. g. The company owes interest of $600 on a bank loan taken out on February 1. The interest will be paid h. Tha income ater all adjustments axcept incoma taxes was $20,000. The company's fadaral income Indicate the accounting equation effacts (amount and direction) of each adjusting journal entry. Provide an approprate account name for any revenue and expense effects. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) b. Type here to search P 550 PM /22/2018