- - - Insurance of $100 expires each month. Depreciation on the equipment is $960 a year. Analysis reveals that the company performed $800 of services that was considered as unearned revenue in July. The company performed services worth $400 that were not billed to clients on or before July 31 The company signed a three-month note payable in the amount of $10,000 on July 1. The note requires the company to pay interest at an annual rate of 12%. There is $2,400 salaries accrued that are not recorded yet. Required: a- Using IFRS - Journalize the adjusting entries on July 31. Post the adjusting entries to T-accounts. Prepare the adjusted trial balance.
- - - Insurance of $100 expires each month. Depreciation on the equipment is $960 a year. Analysis reveals that the company performed $800 of services that was considered as unearned revenue in July. The company performed services worth $400 that were not billed to clients on or before July 31 The company signed a three-month note payable in the amount of $10,000 on July 1. The note requires the company to pay interest at an annual rate of 12%. There is $2,400 salaries accrued that are not recorded yet. Required: a- Using IFRS - Journalize the adjusting entries on July 31. Post the adjusting entries to T-accounts. Prepare the adjusted trial balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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