Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Collin Services, who provides general home maintenance to customers, has a December 21 year and the courts from balance in thousands) have normal balances Accounts

image text in transcribed
Collin Services, who provides general home maintenance to customers, has a December 21 year and the courts from balance in thousands) have normal balances Accounts Payable 10 Accounts Receivable 17 Cash Common Stock 74 Equipment 95 Notes Payable Note Receivable Prepale Insurance Retained Earnings Salaries Expense Service Revenue Supplies Expense Unearned Revenue Utilities Expense 60 80 15 88 160 350 13 26 18 1. Collin purchased equipment for $95 on July 1 of the current years year and no salvat value 2. Collin paid bi-weekly salaries through December 23 (entry already recorded. Subsequent salaries earned this year were $8 and will be paid next yea 3. On September 1. Collin's borrowed $60 and signed a 4 year 10% note 4. On April 1. Collin bought a 1-year insurance policy for $15 and recorded in a real account. 5. $3 of supplies remained on hand at December 31. 6. The 6-month Note Receivable was outstanding since October 1 and has a 5% interest rate. 7. Collin provided services worth $75 that have not been billed. 8. A utility bill received on December 10th for $3 has not been recorded. 9. $19 of services were performed for customers who had paid in advance 10. On December 1, Collin recorded $4 of declared dividends on common stock to be paid next year. equired: mpare the necessary adjusting entries. Show all work and clearly indicate debits and credits using good journal entry format

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

Payroll Accounting 2021

Authors: Bernard J. Bieg, Judith A. Toland

31st Edition

0357358287, 9780357358283

More Books

Students also viewed these Accounting questions

Question

8. How are they different from you? (specifically)

Answered: 1 week ago