See the spreadsheet for P3-25. The spread sheet provides the balances in Smithers Inc.'s accounts on May
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Reconstruct the adjusting entries that were made to Smithers Inc.'s spreadsheet on May 31,2017.
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For P3-25. Liabilities Accounts Salaries Unearned payable payable revenue Assets Prepaid Property, plant Accumulated Transaction Balance before adjusting entries $50,000 $325,000 S25,000 $120,000 Balance after adjusting entries $50,000 $145,000 S15,000 $120,000 Cash Inventory insurance and equipment depreciation (S44,000) (S69,000) $78,000 $ 0 $55,000 $78,000 $12,000 $20,000
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1 Dr Cost of goods sold 180000 Cr Inventory 180000 2 Dr Insurance ...View the full answer
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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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