Selected accounts of Urdu Company are shown below. Instructions From an analysis of the T-accounts, reconstruct (a)
Question:
Selected accounts of Urdu Company are shown below.
Instructions
From an analysis of the T-accounts, reconstruct
(a) The October transaction entries,
(b) The adjusting journal entries that were made on October 31, 2020. Prepare explanations for each journal entry.
Supplies Accounts Receivable 800 10/31 Beg. Bal. 10/17 470 2,400 10/31 1,650 Salaries and Wages Payable Salaries and Wages Expense 10/15 10/31 800 600 10/31 600 Unearned Service Revenue Supplies Expense 10/31 10/20 10/31 400 650 470 Service Revenue 10/17 2,400 10/31 1,650 10/31 400
Step by Step Answer:
a 1015 Salaries and Wages Expense 800 Cash 800 To record payment of October 15 p...View the full answer
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
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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