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Aleks [24]
3 years ago
6

Supplies on hand at October 31 total $500. Expired insurance for the month is $100. Depreciation for the month is $50. Services

related to unearned service revenue in October worth $600 were performed. Services performed but not recorded at October 31 are $300. Interest accrued at October 31 is $95. Accrued salaries at October 31 are $1, 625. Instructions Prepare the adjusting entries for the items above.
Business
1 answer:
SCORPION-xisa [38]3 years ago
6 0

Answer:

Supplies on hand at October 31 total $500

Inventory $ 500 (debit)

Income Statement - cost of sales $500 (debit)

Expired insurance for the month is $100

Insurance $ 100 (debit)

Account Payable - Insurance Provider $100(credit)

Depreciation for the month is $50

Depreciation $50 (debit)

Accumulated Depreciation / Asset $50 (credit)

Services related to unearned service revenue in October worth $600 were performed

Trade Receivable $ 600 (debit)

Revenue $ 600 (credit)

Interest accrued at October 31 is $95

Interest expense $95 (debit)

Interest Accrued $95 (credit)

Accrued salaries at October 31 are $1, 625

Salaries and Wages $ 1625

Salaries and Wages Accrued $ 1625

Explanation:

Supplies on hand at October 31 total $500

Recognise an Asset - Inventory and de-recognise an expense - cost of sales in Income statement

Expired insurance for the month is $100

Recognise an expense - Insurance and recognise a liablility - Trade Payable (Insurance Provider)

Depreciation for the month is $50

Recognise an expense - depreciation and de-recognise an asset through the accumulated depreciation account

Services related to unearned service revenue in October worth $600 were performed

Recognise an Asset- Trade Receivable and recognise revenue

Interest accrued at October 31 is $95

Recognise an expense - Interest and a liability - Interest accrued

Accrued salaries at October 31 are $1, 625

Recognise an expense - Salaries and Wages and de-recignise a liability - Salaries and Wages accrued.

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Which part of a modern firearm has the same function as the lock on a muzzleloader?
siniylev [52]
The action is the same
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Wiley incorporates his business as Wiley Wire Corporation in Texas. He and his group of shareholders intend to make a profit fro
ruslelena [56]

Answer:

d. a private corporation.

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Alfred owned a term life insurance policy at the time he was diagnosed with a terminal illness. After paying $18,300 in premiums
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Answer:

$0

Explanation:

Alfred paid in premiums = $18,300

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