Cal Consulting initially records prepayments and unpaid amounts in the income reporting account. Given this company's accounting practices, which of the following applies to making adjustments at the end of an accounting period? Unrealized Fees (for which cash received in advance during the period) is debited to Advisory Fees Earned of $ 500 and credited to Unearned Consulting Fees of $ 500. Unpaid Salaries of S400 are debited to Prepaid Salaries of $ 400 and credited to Salary Expenses of $ 400. Office supplies purchased during the period are $ 1,000. Unused office supplies cost of $ 650 is debited Cost of supplies is $ 650 and credit for Office Supplies is $ 650. Consultation fees are earned but not invoiced (and not recorded $ 1,200 for the period, $ 1,200 debit for Unrealized Consulting Fees, and a $ 1,200 advisory fee credit. a) b) c) d) Prepare adjustment items
Exercise 7: Cal Consulting initially records prepayments and unpaid amounts in the income reporting account. Given this company's accounting practices, which of the following applies to making adjustments at the end of an accounting period? Unrealized Fees (for which cash received in advance during the period) is debited to Advisory Fees Earned of $ 500 and credited to Unearned Consulting Fees of $ 500. Unpaid Salaries of S400 are debited to Prepaid Salaries of $ 400 and credited to Salary Expenses of $ 400. Office supplies purchased during the period are $ 1,000. Unused office supplies cost of $ 650 is debited Cost of supplies is $ 650 and credit for Office Supplies is $ 650. Consultation fees are earned but not invoiced (and not recorded $ 1,200 for the period, $ 1,200 debit for Unrealized Consulting Fees, and a $ 1,200 advisory fee credit. a) b) c) d) Prepare adjustment items
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