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This is all one question, how do i know which accounts to put, and what is debited/credited? (To record adjusting entry for services provided but
This is all one question, how do i know which accounts to put, and what is debited/credited?
(To record adjusting entry for services provided but not billed) (To record adjusting entry for rent expense for the month paid in advance) Prepare adjusting entries at July 31 , assuming the company prepares adjusting entries monthly. (Credit accourt titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry. If no centry is required, select "No Entry" for the cccount titles and enter 0 for the amounts. Round answers to 0 decind places, eg. 5,275. Date Account Titles and Explanation Debit Credit (To record adjusting entry for services provided but not 14 Collected half of outstanding accounts receivable. 15 Borrowed $2,800 from the bank for one year at an interest rate of 6%. 21 Received $1,080 cash from a customer for services to be performed in August. 28 Performed $1,630 of services for a customer on account. Additional information: 1. At July 31 , the company had performed $840 of services for a client that it had not billed or recorded. 2. Recorded rent expense for the month. 3. Supplies on hand at July 31 were $470. 4. The equipment has a five-year useful life and Waterway uses straight-line depreciation. 5. Interest is due on the bank loan on the first day of each following month, beginning August 1. 6. As at July 31 , the company owed $2,650 of salaries to its employees for the month just ended. 7. As at July 31 , the company had earned $1,950 of revenue that had been received in advance. (To record adjusting entry for services provided but not billed) (To record adjusting entry for rent expense for the month paid in advance) Prepare adjusting entries at July 31 , assuming the company prepares adjusting entries monthly. (Credit accourt titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry. If no centry is required, select "No Entry" for the cccount titles and enter 0 for the amounts. Round answers to 0 decind places, eg. 5,275. Date Account Titles and Explanation Debit Credit (To record adjusting entry for services provided but not 14 Collected half of outstanding accounts receivable. 15 Borrowed $2,800 from the bank for one year at an interest rate of 6%. 21 Received $1,080 cash from a customer for services to be performed in August. 28 Performed $1,630 of services for a customer on account. Additional information: 1. At July 31 , the company had performed $840 of services for a client that it had not billed or recorded. 2. Recorded rent expense for the month. 3. Supplies on hand at July 31 were $470. 4. The equipment has a five-year useful life and Waterway uses straight-line depreciation. 5. Interest is due on the bank loan on the first day of each following month, beginning August 1. 6. As at July 31 , the company owed $2,650 of salaries to its employees for the month just ended. 7. As at July 31 , the company had earned $1,950 of revenue that had been received in advanceStep by Step Solution
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