Four adjusting entries are shown below. a. Wages Expense ........ 2,490 Wages Payable ...... 2,490 b. Accounts

Question:

Four adjusting entries are shown below.
a. Wages Expense ........ 2,490
Wages Payable ...... 2,490
b. ..... 3,350
Service Revenue ..... 3,350
c. Rent Expense ......... 1,760
Prepaid Rent ........ 1,760
d. Unearned Service Revenue ... 4,130
Service Revenue ....... 4,130

Required:
Analyze the adjusting entries and identify their effects on the financial statement accounts. (Ignore any income tax effects.) Use the following format for youranswer:

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...