0 I Descriptions of items that require adjusting entries on June 30, follow. a) The company...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
0 I Descriptions of items that require adjusting entries on June 30, follow. a) The company has completed, but not yet billed, $6,400 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,700 salvage value, is $50 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $9,600 salvage value, is $1,200 per month. d) Straight-line depreciation on the building, assuming a 25-year life and a $3,500 salvage value, is $170 per month. e) The balance in prepaid insurance represents a 15-month policy that went into effect on June 1. f) Accrued interest on the long-term note payable is $80. g) The drafting assistant is paid $1,400 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month-end Requirement General Journal View transaction list General Ledger Journal entry worksheet 2 Record entry For transactions a-g, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry". Note: Enter debits before credits Date Jun 30 Trial Balance 4 Account Title 5 Clear entry Income Statement 6 The company has completed, but not yet billed. $6,400 of engineering services for a client. Prepare the required adjusting entry, if any. 7 St Retained Earnings Debit Balance Sheet Credit Impact on Income View general journal Show less A 0 I Descriptions of items that require adjusting entries on June 30, follow. a) The company has completed, but not yet billed, $6,400 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,700 salvage value, is $50 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $9,600 salvage value, is $1,200 per month. d) Straight-line depreciation on the building, assuming a 25-year life and a $3,500 salvage value, is $170 per month. e) The balance in prepaid insurance represents a 15-month policy that went into effect on June 1. f) Accrued interest on the long-term note payable is $80. g) The drafting assistant is paid $1,400 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month-end Requirement General Journal View transaction list General Ledger Journal entry worksheet 2 Record entry For transactions a-g, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry". Note: Enter debits before credits Date Jun 30 Trial Balance 4 Account Title 5 Clear entry Income Statement 6 The company has completed, but not yet billed. $6,400 of engineering services for a client. Prepare the required adjusting entry, if any. 7 St Retained Earnings Debit Balance Sheet Credit Impact on Income View general journal Show less A 0 I Descriptions of items that require adjusting entries on June 30, follow. a) The company has completed, but not yet billed, $6,400 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,700 salvage value, is $50 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $9,600 salvage value, is $1,200 per month. d) Straight-line depreciation on the building, assuming a 25-year life and a $3,500 salvage value, is $170 per month. e) The balance in prepaid insurance represents a 15-month policy that went into effect on June 1. f) Accrued interest on the long-term note payable is $80. g) The drafting assistant is paid $1,400 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month-end Requirement General Journal View transaction list General Ledger Journal entry worksheet 2 Record entry For transactions a-g, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry". Note: Enter debits before credits Date Jun 30 Trial Balance 4 Account Title 5 Clear entry Income Statement 6 The company has completed, but not yet billed. $6,400 of engineering services for a client. Prepare the required adjusting entry, if any. 7 St Retained Earnings Debit Balance Sheet Credit Impact on Income View general journal Show less A 0 I Descriptions of items that require adjusting entries on June 30, follow. a) The company has completed, but not yet billed, $6,400 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,700 salvage value, is $50 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $9,600 salvage value, is $1,200 per month. d) Straight-line depreciation on the building, assuming a 25-year life and a $3,500 salvage value, is $170 per month. e) The balance in prepaid insurance represents a 15-month policy that went into effect on June 1. f) Accrued interest on the long-term note payable is $80. g) The drafting assistant is paid $1,400 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month-end Requirement General Journal View transaction list General Ledger Journal entry worksheet 2 Record entry For transactions a-g, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry". Note: Enter debits before credits Date Jun 30 Trial Balance 4 Account Title 5 Clear entry Income Statement 6 The company has completed, but not yet billed. $6,400 of engineering services for a client. Prepare the required adjusting entry, if any. 7 St Retained Earnings Debit Balance Sheet Credit Impact on Income View general journal Show less A
Expert Answer:
Answer rating: 100% (QA)
Adjusting Entry for Unbilled Revenue Transaction The company has completed but ... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-1259536359
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappett
Posted Date:
Students also viewed these accounting questions
-
Carlos Sanchez opened a business called Sanchez Engineering and recorded the following transactions in its first month of operations. For transactions a-g, review the unadjusted balance and prepare...
-
Trang had a rental home that received a notice of noncompliance because of her failure to maintain repairs. She received the notice on September 1, 2022 and did not complete any of the repairs until...
-
The researchers implement their weight loss intervention with the original five participants and find that each participant loses exactly 10 pounds in the first 3 weeks. Without recalculating the...
-
Echo Enterprises pays $274,900 for equipment that will last five years and have a $41,000 salvage value . By using the equipment in its operations for five years, the company expects to earn $86,800...
-
Use the same facts as problem 20 and prepare entries using the following independent assumptions: a. Lease A is abandoned in 2022. b. Lease A is proved in 2022. c. Insignificant Lease Y, with a cost...
-
Kristin Malone opened Kristins Maids Cleaning Service on July 1, 2014. During July, the company completed the following transactions. July 1 Invested $14,000 cash in the business. 1 Purchased a used...
-
Criticism of the World Bank is generally on a diverse range of issues but they generally centre around concern about the approaches adopted by the World Bank in formulating their policies, and the...
-
Consider the following diagram, what default gateway would you assign to (write your answer in x.x.x.x format): PC1 PC2 PC3 PC4 PC1 PC2 SW1 192.168.1.0/24 SW2 192.168.2.0/24 .1 .1 R1 .6...
-
How to response this message: "As time has gone on and things are going strong, I believe this confidence has maybe built into a bit of cockiness. I find that I am not as patient toward my customers...
-
Discuss the challenges and approaches in designing operating systems for distributed and cloud computing environments, focusing on issues such as fault tolerance, scalability, and resource...
-
Suppose the current stock price is $50 and you believe that, one year from now, the stock will sell for either $60 (up-state) or $30 (down-state). The yield on a 1-year risk-free zero coupon bond is...
-
calculate the predicted dollar value of a one-year-old house which is 200 square meters in size and located in a major business district area but does not have a pool or a fireplace. House Sale Price...
-
Case Study: Joseph is a regular patient at Mercy clinic. All his records are kept in the clinic. Your role as an administrator is to manage all medical and patient records. Joseph recently requested...
-
Barrys BarBQue incurred the following costs: $1,400 for ribs, 45 hours of labor to cook the ribs at $10 per hour, $50 for seasoning and sauce, $300 for signs to advertise the ribs, $150 to clean the...
-
What recommendations would you make to Big Four firms to help them (1) avoid confrontations with governmental officials in an authoritarian society and (2) deal effectively with such confrontations...
-
Craftmore Machining produces machine tools for the construction industry. The following details about overhead cost were take from it's company records Production Activity Indirect Labor Indirect...
-
In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank. A....
-
In preparing a work sheet, indicate the financial statement Debit column to which a normal balance in the following accounts should be extended. Use IS for the Income Statement Debit column and BS...
-
Write a MATLAB program to compute the CA-CFAR threshold value. Use a similar approach to that used in the case of a fixed threshold.
-
Starting with Eq. (13.81), show that as \(\mathrm{N}\) is increased so is the over all probability of false alarm. More specifically, prove that \(P_{F A} \approx N P_{f a}\). Equation (13.81) PFA...
-
Design a cylindrical RCS calibration target such that its broadside RCS (cylinder) and end (flat plate) RCS are equal to 10 m2 at f = 9.5 GHz. The RCS for a flat plate of area A is fp = 4f2A2/c2.
Study smarter with the SolutionInn App