Selected accounts of Farm Company are shown below as of January 31 of the current year, before any adjusting entries have been made. Farm Company's accounting year begins on January 1. 3. Debit Credit $12,600 Prepaid rent Supplies 9,900 Unearned service fees $18,000 Wages expense 24,000 Use the following information to prepare the necessary January 31 adjusting entries: (1) Prepaid rent represents rent for January, February, March, and April. (2) January 31 supplies on hand total $3,900. (3) Last month the firm received $18,000 of service fees in advance. One-half of these fees were earned during January. (4) Accrued wages not recorded at January 31 are $2,850. Selected accounts of Farm Company are shown below as of January 31 of the current year, before any adjusting entries have been made. Farm Company's accounting year begins on January 1. 3. Debit Credit $12,600 Prepaid rent Supplies 9,900 Unearned service fees $18,000 Wages expense 24,000 Use the following information to prepare the necessary January 31 adjusting entries: (1) Prepaid rent represents rent for January, February, March, and April. (2) January 31 supplies on hand total $3,900. (3) Last month the firm received $18,000 of service fees in advance. One-half of these fees were earned during January. (4) Accrued wages not recorded at January 31 are $2,850.
Selected accounts of Farm Company are shown below as of January 31 of the current year, before any adjusting entries have been made. Farm Company's accounting year begins on January 1. 3. Debit Credit $12,600 Prepaid rent Supplies 9,900 Unearned service fees $18,000 Wages expense 24,000 Use the following information to prepare the necessary January 31 adjusting entries: (1) Prepaid rent represents rent for January, February, March, and April. (2) January 31 supplies on hand total $3,900. (3) Last month the firm received $18,000 of service fees in advance. One-half of these fees were earned during January. (4) Accrued wages not recorded at January 31 are $2,850. Selected accounts of Farm Company are shown below as of January 31 of the current year, before any adjusting entries have been made. Farm Company's accounting year begins on January 1. 3. Debit Credit $12,600 Prepaid rent Supplies 9,900 Unearned service fees $18,000 Wages expense 24,000 Use the following information to prepare the necessary January 31 adjusting entries: (1) Prepaid rent represents rent for January, February, March, and April. (2) January 31 supplies on hand total $3,900. (3) Last month the firm received $18,000 of service fees in advance. One-half of these fees were earned during January. (4) Accrued wages not recorded at January 31 are $2,850.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 4PB: The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal...
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Question
Transcribed Image Text:Selected accounts of Farm Company are shown below as of January 31 of the current year, before
any adjusting entries have been made. Farm Company's accounting year begins on January 1.
3.
Debit
Credit
$12,600
Prepaid rent
Supplies
9,900
Unearned service fees
$18,000
Wages expense
24,000
Use the following information to prepare the necessary January 31 adjusting entries:
(1) Prepaid rent represents rent for January, February, March, and April.
(2) January 31 supplies on hand total $3,900.
(3) Last month the firm received $18,000 of service fees in advance. One-half of these fees were
earned during January.
(4) Accrued wages not recorded at January 31 are $2,850.
Transcribed Image Text:Selected accounts of Farm Company are shown below as of January 31 of the current year, before
any adjusting entries have been made. Farm Company's accounting year begins on January 1.
3.
Debit
Credit
$12,600
Prepaid rent
Supplies
9,900
Unearned service fees
$18,000
Wages expense
24,000
Use the following information to prepare the necessary January 31 adjusting entries:
(1) Prepaid rent represents rent for January, February, March, and April.
(2) January 31 supplies on hand total $3,900.
(3) Last month the firm received $18,000 of service fees in advance. One-half of these fees were
earned during January.
(4) Accrued wages not recorded at January 31 are $2,850.
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