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find dec1-jun 1 (all of them) a. Dec. 1 - business receives $6,900 for a 10 -month service contract. Dec. 31 -year-end adjusting entry needed
find dec1-jun 1 (all of them)
a. Dec. 1 - business receives $6,900 for a 10 -month service contract. Dec. 31 -year-end adjusting entry needed to update the balance in the account. b. Mar. 31 - work performed but not yet billed to customers for the month, $1,800. Apr. 21 - received payment for the work that was completed. c. Jun. 15 - purchased $2,700 of office supplies on account. Dec. 31 - a count of supplies shows that only $1,200 worth is left at year-end, so the balance in the account needs to be updated. d. Feb. 2 - business paid a $800 deposit for the last month's rental of a copier on a 10-month contract. Nov. 30 - the rental period for the copier ended, so the balance in the prepaid account must be updated. e. Jun, 1-purchased truck for $43,200 (cash) with an expected useful life of eight years. Dec. 31 -year-end adjusting entry needed to record amortization. a. December 1 - business receives $6,900 for a 10 -month service contract. For each of the following five independent situations, journalize the adjusting entry and the related transaction (either before on the last line of the journal entry table. Round amounts to the nearest whole dollar.) (Click the icon to view the situations.) Step by Step Solution
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