Diane's Dairy Sales & Delivery finished its first year of operations on December 31, 2018. After adjusting
Question:
Diane's Dairy Sales & Delivery finished its first year of operations on December 31, 2018. After adjusting journal entries, the company presented the following adjusted trial balance.
Using this trial balance, prepare Diane's necessary entries to close out temporary accounts at year-end. Omit explanations.
Diane's Dairy Sales & Delivery Adjusted Trial Bałance At December 31 Account Debit Cred t $ 833,000 Cash Accounts Rece vable 179,000 Suppl es 83,000 Prepaid Insurance 13.000 Prepaid Rent 30,000 Equipment 350,000 $ 30,000 Accumulated Depreciation Equipment Accounts Payab e 150,500 Wages Payable 24,000 Unearned Revenue 12,000 Notes Payable, due 2019 80,000 Common Stock 1,000,000 Retained Earnings Dv dends 12,000 Sales Revenue 1,000,500 Wage Expense 320,000 Utility Expense 32 000 Seli ng Expense 122,500 Admnistrative Expense 192.500 nsurance Expense 14,000 Suppl es Expense 85.000 Deprec at on Expense -Equpment 31,000 Totals $2,297,000 $2,297,000
Step by Step Answer:
Sales Revenue Income Summary Income Summary Income Summary Wage Expense Utility Exp...View the full answer
Intermediate Accounting
ISBN: 978-0134730370
2nd edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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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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