0 I Descriptions of items that require adjusting entries on June 30, follow. a) The company...

 
 

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0 I Descriptions of items that require adjusting entries on June 30, follow. a) The company has completed, but not yet billed, $6,400 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,700 salvage value, is $50 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $9,600 salvage value, is $1,200 per month. d) Straight-line depreciation on the building, assuming a 25-year life and a $3,500 salvage value, is $170 per month. e) The balance in prepaid insurance represents a 15-month policy that went into effect on June 1. f) Accrued interest on the long-term note payable is $80. g) The drafting assistant is paid $1,400 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month-end Requirement General Journal View transaction list General Ledger Journal entry worksheet 2 Record entry For transactions a-g, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry". Note: Enter debits before credits Date Jun 30 Trial Balance 4 Account Title 5 Clear entry Income Statement 6 The company has completed, but not yet billed. $6,400 of engineering services for a client. Prepare the required adjusting entry, if any. 7 St Retained Earnings Debit Balance Sheet Credit Impact on Income View general journal Show less A 0 I Descriptions of items that require adjusting entries on June 30, follow. a) The company has completed, but not yet billed, $6,400 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,700 salvage value, is $50 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $9,600 salvage value, is $1,200 per month. d) Straight-line depreciation on the building, assuming a 25-year life and a $3,500 salvage value, is $170 per month. e) The balance in prepaid insurance represents a 15-month policy that went into effect on June 1. f) Accrued interest on the long-term note payable is $80. g) The drafting assistant is paid $1,400 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month-end Requirement General Journal View transaction list General Ledger Journal entry worksheet 2 Record entry For transactions a-g, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry". Note: Enter debits before credits Date Jun 30 Trial Balance 4 Account Title 5 Clear entry Income Statement 6 The company has completed, but not yet billed. $6,400 of engineering services for a client. Prepare the required adjusting entry, if any. 7 St Retained Earnings Debit Balance Sheet Credit Impact on Income View general journal Show less A 0 I Descriptions of items that require adjusting entries on June 30, follow. a) The company has completed, but not yet billed, $6,400 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,700 salvage value, is $50 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $9,600 salvage value, is $1,200 per month. d) Straight-line depreciation on the building, assuming a 25-year life and a $3,500 salvage value, is $170 per month. e) The balance in prepaid insurance represents a 15-month policy that went into effect on June 1. f) Accrued interest on the long-term note payable is $80. g) The drafting assistant is paid $1,400 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month-end Requirement General Journal View transaction list General Ledger Journal entry worksheet 2 Record entry For transactions a-g, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry". Note: Enter debits before credits Date Jun 30 Trial Balance 4 Account Title 5 Clear entry Income Statement 6 The company has completed, but not yet billed. $6,400 of engineering services for a client. Prepare the required adjusting entry, if any. 7 St Retained Earnings Debit Balance Sheet Credit Impact on Income View general journal Show less A 0 I Descriptions of items that require adjusting entries on June 30, follow. a) The company has completed, but not yet billed, $6,400 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,700 salvage value, is $50 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $9,600 salvage value, is $1,200 per month. d) Straight-line depreciation on the building, assuming a 25-year life and a $3,500 salvage value, is $170 per month. e) The balance in prepaid insurance represents a 15-month policy that went into effect on June 1. f) Accrued interest on the long-term note payable is $80. g) The drafting assistant is paid $1,400 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month-end Requirement General Journal View transaction list General Ledger Journal entry worksheet 2 Record entry For transactions a-g, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry". Note: Enter debits before credits Date Jun 30 Trial Balance 4 Account Title 5 Clear entry Income Statement 6 The company has completed, but not yet billed. $6,400 of engineering services for a client. Prepare the required adjusting entry, if any. 7 St Retained Earnings Debit Balance Sheet Credit Impact on Income View general journal Show less A

Answer rating: 100% (QA)

Adjusting Entry for Unbilled Revenue Transaction The company has completed but ... View the full answer