1 answer

1. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when Unrecorded...

Question:

1. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when Unrecorde

1. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when Unrecorded interest accrued on savings bonds is $488. Property taxes incurred but not paid or recorded amount to $976. 3. Unearned service revenue of $4,880 was collected in advance. By year end $854 was still unearned. Prepaid insurance had a $915 debit balance prior to adjustment. By year end, 60 percent was still unexpired. 5. Salaries incurred by year end but not yet paid or recorded amounted to $780. 2. 4. No. Account Titles and Explanation Debit Credit 1. Interest Payable 488 ......... Interest Expense 488 > 2. Property Tax Expense 976 Property Taxes Payable 976 3. Unearned Service Revenue 854 Service Revenue 854 X 4. Insurance Expense 366 Prepaid Insurance 366 5. Salaries and Wages Expense 780 < Salaries and Wages Payable 780

Answers

Entries

No General Journal Debit Credit
1 Interest receivable 488
Interest revenue 488
2 Property tax expense 976
Property tax payable 976
3 Unearned service revenue 4026
Service revenue (4880-854) 4026
4 Insurance expense (915*40%) 366
Prepaid insurance 366
5 Salaries and wages expense 780
Salaries and wages payable 780
.

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