Clean Air Company is a consulting firm specializing in pollution control. The following adjustments were made for
Question:
Identify each of the six pairs of adjustments. For each adjustment, indicate the account, whether the account is increased or decreased, and the amount of the adjustment.
No account is affected by more than one adjustment. Use the following format. The first adjustment is shown as anexample.
Adjustments Increase (Decrease) Account Accounts Receivable Supplies Prepaid Insurance Accumulated Depreciation- Equipment Wages Payable Unearned Rent Fees Earned Wages Expense Supplies Expense Rent Revenue Insurance Expense Depreciation Expense $11,250 (1,350) (1,800) 7,500 4,500 (9,000) 11,250 4,500 1,350 9,000 1,800 7,500 Adjustment Account Accounts Receivable Fees Earned Increase or Decrease Increase Increase Amount $11,250 11,250
Step by Step Answer:
Adjustment Account Increase or Decrease Amount 1 Accounts Receivable Increase 11250 Fe...View the full answer
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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