Prepare adjusting entries for the following transactions. Omit explanations. 1. Unrecorded interest accrued on notes payable is $2,000. 2. Utilities used but not yet paid or recorded amount to $700. 3. Consulting service revenues of $10,000 were collected in advance. By year end $4,000 was still unearned. 4. Prepaid insurance had a $10,000 debit balance prior to adjustment. By year end, 60 per- cent was expired. 5. Employee salaries incurred by year end but not yet paid or recorded was $11,000.|
Prepare adjusting entries for the following transactions. Omit explanations. 1. Unrecorded interest accrued on notes payable is $2,000. 2. Utilities used but not yet paid or recorded amount to $700. 3. Consulting service revenues of $10,000 were collected in advance. By year end $4,000 was still unearned. 4. Prepaid insurance had a $10,000 debit balance prior to adjustment. By year end, 60 per- cent was expired. 5. Employee salaries incurred by year end but not yet paid or recorded was $11,000.|
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 13PB: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...
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