Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The unadjusted trial balance of Adveta Air Purification System at December 31, 2024, and the data needed for the adjustments follow. Click the icon to

image text in transcribed
image text in transcribed
The unadjusted trial balance of Adveta Air Purification System at December 31, 2024, and the data needed for the adjustments follow. Click the icon to view the trial balance.) (Click the icon to view the adjusting entry information) Read the requirements Review the adjusting journal entries you prepared in Requirement 1. Accounts Payable Service Revenue 7,300 3.300 Dec 31 15,500 Dec. 31 Cash Dec 31 Bal 15500l Bal Bal 7,300 Salarles Payable Accounts Recelvable Dec. 31 19,200 Salaries Expense 3,700 Dec. 31 Unearned Revenue Rent Expense Prepaid Rent 2,600 Dec. 31 2,300 Dec. 31 Office Supplies Depreciation Expense-Equipment Adveta, Capital 40,500 Dec. 31 Dec. 31 1.400 Bal 1400 Equipment Advota, Withdrawals 9,700 Advertising Expense 1,900 Dec 31 19,500 Dec. 31 Dec 31 Bal 19500 Bal 9700 Accumulated Depreciation--Equip 3.700 Dec 31 Supplies Expense 1 More Info Adjustment data at December 31 follow: a. On December 15, Adveta contracted to perform services for a client receiving $2,300 in advance. Adveta recorded this receipt of cash as Unearned Revenue. As of December 31, Adveta has completed $1,400 of the services. b. Adveta prepaid two months of rent on December 1. (Assume the Prepaid Rent balance as shown on the unadjusted trial balance represents the two months of rent prepaid on December 1.) c. Adveta used $700 of office supplies. d. Depreciation for the equipment is $900. e. Adveta received a bill for December's online advertising, $600. Adveta will not pay the bill until January. (Use Accounts Payable.) f. Adveta pays its employees on Monday for the previous week's wages. Its employees earn $5,000 for a five-day workweek. December 31 falls on Tuesday this year. g. On October 1, Adveta agreed to provide a four-month air system check (beginning October 1) for a customer for $1,600. Adveta has completed the system check every month, but payment has not yet been received and no entries have been made. Print Done

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

Connect For Financial Accounting Information For Decisions

Authors: Author

10th Edition

1260386937, 9781260386936

More Books

Students also viewed these Accounting questions

Question

2. What are the prospects for these occupations?pg 87

Answered: 1 week ago