QS 3-14 Accrued revenues adjustments LO P1 For each separate case below, follow the three-step process for adjusting the accrued revenue account at December 31 Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 Assume no other adjusting entries are made during the year a. At year end, the Krug Company has completed services of $26.000 for a client, but the client has not yet been billed for those services Accounts receivable Step 1: Determine what the current account balance equals Step 2: Determine what the current account balance should equal Step 3. Record the December 31 adjusting entry to get from step 1 to step 2 ere to search Saved He . At year-end, the company has earned, but not yet recorded, 5670 of interest earned from its investments in government bonds. Interest receivable Step 1: Determine what the current account balance equals Step 2. Determine what the current account balance should equal Step 3. Record the December 31 adjusting entry to get from step 1 to step 2 c. A painting company collects fees when jobs are complete. The work for one customer, whose job was bid at $1,860, has been completed, but the customer has not yet been billed. Accounts receivable Step 1 Determine what the current account balance equals. Step 2 Determine what the current account balance should equal earch c. A painting company collects fees when jobs are complete. The work for one customer whose job was bid at $1.860, has been completed, but the customer has not yet been billed. Accounts receivable Step 1 Deter current account balance equals Sto 2 Determine what the current account balance should equal She 3. Record the December 31 adjusting entry to get from step 1 to step 2 here to search