PARRISH 4-6 ADJUSTING ENTRIES :THIRD TIME ASKING SAME QUESETION!!Please carefully and ACCURATELY answer the following answers.  If there are any calculations that need to be made please do them and show me how.  If the entry is correct state so.  If it is not, please state correct answer. Please answer in same format I am asking question in.a) To record sales made on the last day of the year that the company has not yet billed.Sales                   2,800Accounts Receivable           2,800b) To record one month of rent expense.  THree months ago, the company paid $8160 for one year's rent in advance.Rent Expense     680           Prepaid Rent    680c) The compnay received an electric bill for $800 for the current month.  The bill is due next month.Utilities Expense  800      Utilities Payable 800d) The supplies account had a balance of $2,300 at the end of last month.  The count at the end of this month showed a balance of $400  Supplies     1,900      Supplies Expense 1900e) The company performed $1000 of services that the client had paid for in advanceUnearned Revenue   1,000Service Fee Revenue        1,000

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Asked Feb 3, 2020
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PARRISH 4-6 ADJUSTING ENTRIES :THIRD TIME ASKING SAME QUESETION!!

Please carefully and ACCURATELY answer the following answers.  If there are any calculations that need to be made please do them and show me how.  If the entry is correct state so.  If it is not, please state correct answer. Please answer in same format I am asking question in.

a) To record sales made on the last day of the year that the company has not yet billed.

Sales                   2,800

Accounts Receivable           2,800

b) To record one month of rent expense.  THree months ago, the company paid $8160 for one year's rent in advance.

Rent Expense     680

           Prepaid Rent    680

c) The compnay received an electric bill for $800 for the current month.  The bill is due next month.

Utilities Expense  800

      Utilities Payable 800

d) The supplies account had a balance of $2,300 at the end of last month.  The count at the end of this month showed a balance of $400

  Supplies     1,900

      Supplies Expense 1900

e) The company performed $1000 of services that the client had paid for in advance

Unearned Revenue   1,000

Service Fee Revenue        1,000

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Expert Answer

Step 1

a.

 

Increase in accounts receivable should be debited, as it is a current asset. Sales are increased by crediting sales revenue account.

 

b.

 

When one-year rent is paid in advance, prepaid rent account is debited, and cash account is credited. Adjusting entry for one month is made. Then, prepaid rent account previously debited should be credited for decrease in prepaid rent. Rent expense should be debited for increase in rent expense of month.

 

c.

 

The transaction of utilities expense debited for increase in expense and utilities...

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