Selected accounts of Castle Company are shown here. Instructions After analyzing the accounts, journalize (a) The July
Question:
Selected accounts of Castle Company are shown here.
Instructions
After analyzing the accounts, journalize
(a) The July transactions and
(b) The adjusting entries that were made on July 31.
Salaries and Wages Payable Supplies Expense July 31 July 31 1,000 750 Salaries and Wages Expense Accounts Receivable July 15 31 1,000 1,000 July 31 500 Unearned Service Revenue Service Revenue 900 July 1 Bal. 1,500 20 July 14 31 3,800 July 31 900 500 600 31 Supplies Bal. 1,100 July 31 200 July 1 750 10
Step by Step Answer:
a July 10 Supplies 200 Cash 200 14 Cash 3800 Service Revenue 3800 15 Salaries and ...View the full answer
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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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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