Selected accounts of Callahan Company are shown here. Instructions After analyzing the accounts, journalize (a) The July
Question:
Instructions
After analyzing the accounts, journalize
(a) The July transactions and
(b) The adjusting entries that were made on July31.
Supplies Expense Salaries Payable July 31 750 July 31 1,200 Salaries Expense Accounts Receivable July 15 31 July 31 500 1,200 1,200 Service Revenue Unearned Service Revenue July 14 4,100 July 31 900JulyB 1,500 20 31 31 900 500 600 Supplies July Bal. 1,100 July 31 10 200
Step by Step Answer:
a July 10 Supplies 200 Cash 200 14 Cash 4100 Service Revenue 4100 15 Salaries Ex...View the full answer
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th 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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