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I will thumbs up and rate any correct answer! Please show work Name: The accounting records of Mackay Architects include the following selected, unadjusted balances
I will thumbs up and rate any correct answer! Please show work
Name: The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1.500: Office Supplies, $700; Prepaid Rent, $2,240; Equipment, $8,000; Accumulated Depreciation Equipment, S0, Salaries Payable, so: Unearned Revenue, $900; Service Revenue, $4,100; Salaries Expense, $800; Supplies Expense, SO; Rent Expense, So; Depreciation Expense-Equipment, SO. (Assume all balances are normal balances.) 1. Create T-account for each account with the balance before adjustments. 2. Journalize the adjusting entries using the letter and March 31 date in the date column. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Service revenue accrued, S700. b. Unearned revenue that has been earned, $100. (When the cash was received, assume that a liability account was credited.) c. Office Supplies on hand, 300.(Assume that Mackay debits an asset account when supplies are purchased.) d. Salaries owed to employees, $200. e. One month of prepaid rent has expired, 560. (Assume that debits an asset account when rent is paid in advance.) 1. Depreciation on equipment, $120. 3. Post the adjustments to the T-accounts, entering each adjustment by letter. Update cach account's adjusted balance Step by Step Solution
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