Selected accounts of Al-Kazaz Interiors are shown as follows. Instructions After analyzing the accounts, journalize (a) the
Question:
Selected accounts of Al-Kazaz Interiors are shown as follows.
Instructions
After analyzing the accounts, journalize (a) the July transactions and (b) the adjusting entries that were made on July 31. July transactions were for cash.
Supplies Expense 7/31 900 Supplies Salaries and Wages Payable 7/1 Bal. 1,100 7/31 900 7/31 1,200 7/10 650 Accounts Receivable Unearned Service Revenue 7/31 500 7/31 1,150 7/1 Bal. 7/20 1,500 1,000 Salaries and Wages Expense Service Revenue 7/15 1,200 7/14 2,200 7/31 1,200 7/31 1,150 500 7/31
Step by Step Answer:
a Journal entries of july transaction of AL Kazaz interior i 710 supplies Ac Dr 650 To cash Ac 650 B...View the full answer
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
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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