Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer 1 and 2 Which of the following is an example of an accrual of unrecorded revenues? A) A 2-year loan was signed with

Please answer 1 and 2
image text in transcribed
Which of the following is an example of an accrual of unrecorded revenues? A) A 2-year loan was signed with interest accruing monthly. B) Office supplies are purchased each month, but the account is not adjusted until the end of the month. C) Wages have been earned, but have not been paid at the end of the month. D) An attorney has performed work for a client, but has not billed the client, but has not billed the client yet. E) Equipment purchased will be beneficial for several years. Matelske Company completed the following transactions during August. The company owes $8, 900 for wages to be paid on September 6. The company performed a month-end inventory and counted office supplies valued at $2, 100. The beginning balance in the Supplies account was $1, 200. The company performed services valued at $7, 550. The company did not bill for the services until September 1. The company received $7,000 cash for services to be delivered in August and September. The company recorded unearned revenue upon receipt of cash._ Referring to Table 4-1, part (2), assuming that $2, 900 of purchases for the month were posted to the Supplies account, what adjusting entry would the Matelske Company make on August 31

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

Investments Unlimited A Novel About DevOps Security Audit Compliance And Thriving In The Digital Age

Authors: Helen Beal, Bill Bensing, Jason Cox, Michael Edenzon, John Willis

1st Edition

1950508536, 978-1950508532

More Books

Students also viewed these Accounting questions