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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
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. A two-year insurance policy for $10,560 was purchased on November 1 of the current year. Record the transaction for the two months ended December 31. Adjustment Type: Insurance Expense Prepaid Insurance Customers were billed for $2.440 for work completed. The Service Revenue unadjusted balance as of December 31 is $8,200. Adjustment Type: Accounts Receivable Service Revenue Completed Services that were paid for six months earlier, $2,110. The Service Revenue unadjusted balance a of December 31 is $10,100. The Uneamed Adjustment Type Unearned Revenue Service Revenue
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