MODULE 3 HOMEWORK-ADJUSTING ENTRIES (1-4) Please tell me the correct adjustments and explain WHY they are the correct adjustments. If there is not entry to be made please note it and explain. 1)Select the correct adjusting entry. If no entry is needed, select “No entry required for this transaction". Two months have passed since insurance for the year was paid. The amount of the check was $1,200. The entry at time of payment debited the Prepaid Insurance account.2) Select the correct adjusting entry. If no entry is needed, select “No entry required for this transaction". Advertising in the local paper was paid this month in the amount of $500. The amount was debited to Prepaid Advertising, and the advertisement is to run next month.3) Select the correct adjusting entry. If no entry is needed, select “No entry required for this transaction.” Joe Moreland paid us $500 in advance for work to be done on his residence. The entry to record the collection of this cash included a credit to Labor Revenue. The work is halfway complete at the end of this month.4) Select the correct adjusting entry. If no entry is needed, select “No entry required for this transaction.” Interest on a loan at the bank is due as of the November 1. We borrowed the $5,000 three months ago at 6% annual interest.Question options:
MODULE 3 HOMEWORK-
Please tell me the correct adjustments and explain WHY they are the correct adjustments. If there is not entry to be made please note it and explain.
1)Select the correct adjusting entry. If no entry is needed, select “No entry required for this transaction".
Two months have passed since insurance for the year was paid. The amount of the check was $1,200. The entry at time of payment debited the Prepaid Insurance account.
2) Select the correct adjusting entry. If no entry is needed, select “No entry required for this transaction".
Advertising in the local paper was paid this month in the amount of $500. The amount was debited to Prepaid Advertising, and the advertisement is to run next month.
3) Select the correct adjusting entry. If no entry is needed, select “No entry required for this transaction.”
Joe Moreland paid us $500 in advance for work to be done on his residence. The entry to record the collection of this cash included a credit to Labor Revenue. The work is halfway complete at the end of this month.
4) Select the correct adjusting entry. If no entry is needed, select “No entry required for this transaction.”
Interest on a loan at the bank is due as of the November 1. We borrowed the $5,000 three months ago at 6% annual interest.
Question options:
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