Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 3 (2 points) The balance in the Supplies account before adjustment is $2,500. An inventory of supplies shows $2,000 of unused supplies at the

image text in transcribed

Question 3 (2 points) The balance in the Supplies account before adjustment is $2,500. An inventory of supplies shows $2,000 of unused supplies at the end of the month. The adjusting entry done at the end of the month is Debit Supplies Expense $500; credit Supplies $500 Debit Supplies $500; credit Supplies Expense $500 Debit Supplies Expense $2,000; credit Supplies $2,000 Debit Unearned Revenue $1,000; credit Service Revenue $1,000 Question 4 (2 points) At the end of the month, the business has earned $1,400 that the business has not collected in cash and has not billed to the customer. The adjusting entry done at the end of the month is Debit Cash $1,400; credit Service Revenue $1,400 Debit Service Revenue $1,400; credit Accounts Receivable $1,400 Debit Accounts Receivable $1,400; credit Service Revenue $1,400 Debit Accounts Payable $1,400; credit Service Revenue $1,400

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

Auditing Principles Techniques And Practices

Authors: Mustaq Ahmad, Mohd Ashraf Ali

1st Edition

8184841949, 978-8184841947

More Books

Students also viewed these Accounting questions

Question

What is a trigger, and how is it used? AppendixLO1

Answered: 1 week ago