54. Selected accounts of Moonbeam Company are shown below as of October 31 of the current year, before any adjusting entries have been made. Moonbeam's accounting year begins October 1. Debit Credit Supplies Prepaid insurance $18,000 6,000 Office furniture 15,360 Unearned service fees $6,000 Interest income 2,600 Use the following information to prepare the necessary October 31 adjusting entries: (5) October 31 supplies on hand total $6,000. (6) Prepaid insurance represents insurance coverage purchased for a two-year period starting October 1 of the current year. (7) The office furniture is expected to last 8 years. (8) Last month the firm received $6,000 of service fees in advance. One-third of these fees were earned in October. (5) Interest earned on investments at October 31 but not yet received is $1,000
54. Selected accounts of Moonbeam Company are shown below as of October 31 of the current year, before any adjusting entries have been made. Moonbeam's accounting year begins October 1. Debit Credit Supplies Prepaid insurance $18,000 6,000 Office furniture 15,360 Unearned service fees $6,000 Interest income 2,600 Use the following information to prepare the necessary October 31 adjusting entries: (5) October 31 supplies on hand total $6,000. (6) Prepaid insurance represents insurance coverage purchased for a two-year period starting October 1 of the current year. (7) The office furniture is expected to last 8 years. (8) Last month the firm received $6,000 of service fees in advance. One-third of these fees were earned in October. (5) Interest earned on investments at October 31 but not yet received is $1,000
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter22: End-of-fiscal-period Work For A Corporation
Section: Chapter Questions
Problem 1AP
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