Selected accounts of Shannon Company are shown as follows. Instructions After analyzing the accounts, journalize (a) The
Question:
Instructions
After analyzing the accounts, journalize
(a) The July transactions
(b) The adjusting entries that were made on July 31.
Supplies Expense 7/31 900 Salaries and Wages Payable Supplies 1,100 7/31 7/1 Bal. 900 7/31 1,200 7/10 650 Unearned Service Revenue Accounts Receivable 1,150 7/1 Bal. 1,500 7/31 500 7/31 7/20 1,000 Salaries and Wages Expense Service Revenue 7/15 1,200 7/14 2,200 1,200 7/31 7/31 1,150 7/31 500
Step by Step Answer:
a July 10 Supplies 650 Cash 650 14 Cash 2200 Service Revenue 2200 15 ...View the full answer
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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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