Green Earth Co. is a consulting firm specializing in pollution control. The entries in the Adjustments columns
Question:
Prepare the adjusting journalentries.
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Adjustments Accounts Receivable Supplies Prepaid Insurance Accumulated Depreciation-Equipment Wages Payable Unearned Rent Fees Earned Wages Expense Supplies Expense Rent Revenue Insurance Expense Depreciation Expense 4,100 1,300 2,000 2,800 1,000 2,500 4,100 1,000 1,300 2,500 2,000 2,800
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Accounting
ISBN: 978-0324188004
21st Edition
Authors: Carl s. warren, James m. reeve, Philip e. fess
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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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