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Journalize the adjusting entries: Accounts receivable 1500 Service revenue 1500 (To record unbilled revenue) Depreciation expense 260 Accumulated depreciation 260 (To record depreciation expense for
Journalize the adjusting entries:
Accounts receivable | 1500 | |
Service revenue | 1500 | |
(To record unbilled revenue) | ||
Depreciation expense | 260 | |
Accumulated depreciation | 260 | |
(To record depreciation expense for the month) | ||
Insurance expense | 160 | |
Prepaid Insurance | 160 | |
(To charge July month portion to expense) | ||
Supplies expense | 680 | |
Supplies | 680 | |
(To adjust month end Inventory to actual) | ||
Salaries and Wage expense | 430 | |
Salaries and Wage payable | 430 | |
(To accrue salaries and wages payable) |
Accounts Receivable | No. 112 | |||
Date | Explanation Ref | Debit | Credit | Balanace |
12-Jul | J1 | 3600 | 3600 | |
21-Jul | J1 | 1500 | 2100 | |
25-Jul | J1 | 1700 | 3800 | |
31-Jul | Adjusting J2 | 1500 | 5300 | |
Supplies | No. 126 | |||
Date | Explanation Ref | Debit | Credit | Balanace |
3-Jul | J1 | 860 | 860 | |
31-Jul | Adjusting J2 | 680 | 180 | |
Prepaid Insurance | No. 130 | |||
Date | Explanation Ref | Debit | Credit | Balanace |
5-Jul | J1 | 1920 | 1920 | |
31-Jul | Adjusting J2 | 160 | 1760 | |
Salaries and wages payable | ||||
Date | Explanation Ref | Debit | Credit | Balanace |
31-Jul | Adjusting J2 | 430 | 430
|
Journalize the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent Account Titles and Explanation Service Revenue Debit Credit 6800 Income Summary To close revenue account.) Income Summary 6800 3450 Salaries and Wages Ex Depreciation Expense Gasoline Expense Supplies Expense Insurance Expense 2030 320 680 160 To close expense accounts.) (To close net income (loss).) (To close net income / (loss).) Common Stock 19,200 Retained Earnings (To close dividends.) 19,200
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