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Question 3 Accrual Accounting / Adjustments A ) prepare year - end adjustments for the following transactions ( Narrations are not required ) 1 .

Question 3 Accrual Accounting/Adjustments
A) prepare year-end adjustments for the following transactions (Narrations are not required)
1. Revenues received in advance now earned, $2,000
2. Four ears rent totalling $40,000, was just paid in advance and correctly recorded at the beginning of the year.
3. Services totalling $9,500 had been performed but not yet invoiced at the end of the year.
4. Depreciation on vehicle totalled $2,700 for the year.
5. Supplies for use totalled $885. By year end, only $285 in supples remained.
6. Salaries owed to employees at the end of the year totalled $2,500.
Accounts - Debit - Credit -(Table)
Then after the table
a) Briefly explain why a business should record adjusting entries

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