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 $19,500 for a client, but the client has not yet been billed for those services Accounts receiva 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 trom sep 1 to step 2. b. At year-end, the company has earned, but not yet recorded, $410 of interest eaned 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 bild at $1,340, has beer 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. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 Hints