Adjustment data for Oasis Health Care Inc. for January are as follows: 1. Insurance expired, $800. 2.
Question:
Adjustment data for Oasis Health Care Inc. for January are as follows:
1. Insurance expired, $800.
2. Supplies on hand on January 31, $1,100.
3. Depreciation on building, $2,000.
4. Unearned rent revenue earned, $2,500.
5. Wages owed employees but not paid, $1,700.
6. Services provided but not billed to patients, $10,000.
Instruction
Based on the transactions recorded in January for Problem 3-1, record the adjustments for January using the integrated financial statement framework.
Step by Step Answer:
Statement of Cash Flows Balances Jan 31 Insurance exp Balances Jan 31 Supplies exp Balances Jan 31 D...View the full answer
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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