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3 years ago

Assume the following adjustment data.

Business

1 answer:

Amanda [17]3 years ago

3 0

Answer:

Debit : Balance Sheet $520

Credit : Supplies $520

Debit : Insurance expense $120

Credit : Prepaid Insurance $120

Debit : Depreciation expense $135

Credit : Accumulated depreciation expense $135

Debit : Unearned Revenue $950

Credit : Revenue Earned $950

Debit : Trade Receivable $250

Credit : Service Revenue $250

Debit : Interest expense $75

Credit : Note Payable $75

Debit : Salaries expense $1,520

Credit : Accounts Payables $1,520

Explanation:

So adjusting entries are done at the end of the reporting period, in this case it is the end of October.

For most of these entries we recognize expenses and a corresponding decrease in assets or increase in liabilities.

As for revenue previously unearned, we have to recognize the revenue portion now earned.

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Answer:

Instructions are listed below

Explanation:

Giving the following information:

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