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Please assist with the first 3 green highlighted cells Instructions: Prepare the adjusting entries that should be made for Picture Perfect for the month of
Please assist with the first 3 green highlighted cells
Instructions: Prepare the adjusting entries that should be made for Picture Perfect for the month of July. PREPAID EXPENSES: SUPPLIES EXPENSE Assume a beginning balance of 2,000 in supplies and ending balance of 1,000. 1,000 31-Jul Supplies Expense Supplies 1,000 2 PREPAID EXPENSES: INSURANCE Expired insurance for the month is $300. 31-Jul PREPAID EXPENSES: DEPRECIATION Depreciation expense for the month is $80. 31-Jul UNEARNED REVENUE As of July 31st $650 of the previously recorded uneared revenue had been earned. 650 31-Jul Unearned Revenue Revenue 650 ITIT 5 ACCRUED REVENUE Services provided but unbilled (and no receivable has been recorded) at July 31 are $350. 350 31-Jul Accounts Receivable Service Revenue 350 5 ACCRUED EXPENSES: INTEREST EXPENSE Interest expense accrued at July 31 is $50. 31-Jul 7 ACCRUED EXPENSES Accrued salaries at July 31 are $2,300. 31-JulStep by Step Solution
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