Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

other requirments are not answered ? all info is here E3-24 Journalizing adjusting entries and posting to Taccounts Learning Objective 3 3. Unearned Revenue bal.

other requirments are not answered ?
all info is here
image text in transcribed
E3-24 Journalizing adjusting entries and posting to Taccounts Learning Objective 3 3. Unearned Revenue bal. $600CR The accounting records of Galvin Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, \$1,100; Office Supplies, \$1,000; Prepaid Rent, $1,000; Equipment, $9,000; Accumulated DepreciationEquipment, \$0; Salaries Payable, \$0; Unearned Revenue, \$700; Service Revenue, $4,100; Salaries Expense, \$1,400; Supplies Expense, \$0; Rent Expense, \$0; Depreciation ExpenseEquipment, \$0. The data developed for the March 31 adjusting entries are as follows: a. Service revenue accrued, $600. b. Unearned revenue that has been earned, \$100. c. Office Supplies on hand, \$500. d. Salaries owed to employees, $300. e. One month of prepaid rent has expired, \$500. f. Depreciation on equipment, $135. Requirements 1. Open a T-account for each account using the unadjusted balances given. 2. Journalize the adjusting entries using the letter and March 31 date in the date column. 3. Post the adjustments to the T-accounts, entering each adjustment by letter. Show each account's adjusted balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Nessus Network Auditing

Authors: Russ Rogers

2nd Edition

1597492086, 978-1597492089

Students also viewed these Accounting questions