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Wildhorse Services Company records adjusting entries on an annual basis. The following information is available to be used in recording adjusting entries for the year
Wildhorse Services Company records adjusting entries on an annual basis. The following information is available to be used in recording adjusting entries for the year ended December 31, 2021. 1. Prepaid insurance totalling $355 has expired. 2. Supplies of $355 have been used. 3. Annual depreciation on equipment is $1,205. 4. Services related to unearned revenue of $255 were performed. 5. Salaries of $805 are unpaid. 6. Utility expenses for 2021 of $255 are unrecorded and unpaid. 7. Services provided but not collected in cash or recorded total $1,005. 8. Interest of $180 on a note payable has accrued. For each adjustment, prepare a basic analysis, a debit-credit analysis. Use the following format, in which the first one has been done: No. Basic Type Increase/Decrease Specific Account 1. Debit Expense Increases Credit Asset Decreases 2. Debit Credit 3. Debit 4. Credit Debit Credit 5. Debit Insurance Expense Prepaid Insurance Credit 5. Debit Credit 6. Debit Credit 7. Debit Credit 8. Debit Credit
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