Femi Architects recorded the following adjusting entries as of December 31: a. Service Revenue accrued, $ 1,000
Question:
Femi Architects recorded the following adjusting entries as of December 31:
a. Service Revenue accrued, $ 1,000
b. Unearned Revenue that has been earned, $ 300.
c. Office Supplies on hand, $ 600. The balance of the Office Supplies account was $ 800.
d. Salaries owed to employees, $ 400.
e. One month of Prepaid Rent has expired, $ 2,000.
f. Depreciation on equipment, $ 1,000.
Journalize any necessary reversing entries for Femi Architects.
Step by Step Answer:
Date Accounts and Explanation Debit Cr...View the full answer
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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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