Question
I was doing HW and got this question totally wrong; I'm not sure what I did wrong. Here's the question. December 1st Pre-Paid a 24-month
I was doing HW and got this question totally wrong; I'm not sure what I did wrong. Here's the question.
December 1st Pre-Paid a 24-month insurance policy that starts immediately for 6000 cash
December 7th: Purchased supplies for 5,000 cash
December 13th: Agreed to do 25,000 worth of work for Telo over the next 30 days. Payment is to be received when work is complete on Jan 12th
December 24th, I received 10,000 in cash in advance to perform work for ABX over the next four weeks.
December 31st year ends
January 5th: Paid wages of 2,000 cash to workers
January 12th: Received 25000 cash from Telo for work performed over the past 30 days.
Addition info as of December 31st
Work for Telo is 60% complete
Work for ABX is 25% complete
Supplies remaining at the end of the year are $1750
Wages earned by workers but not yet paid is $1250
2. For Roland Company in Industry H, enter the December 31 adjustments in the following table for prepaid insurance, supplies, accrued wages, accrued revenue, and unearned revenue. Then, complete the adjusted trial balance by entering the adjusted balance for each of the accounts. Important! Be sure to click the correct Industry at the top of the dashboardStep by Step Solution
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