$6$:$53$

Sleeper

$82$

Done ACCY$1$ Extra Credit.pdf

$3$

$9.$ July $12-$ The company received $$1,000$ in cash for services that will be provided in the future $($unearned revenue$).$

Accounts involved:

Journal Entry:

July $18-$ The company borrowed $$4,000$ from the bank with a note payable.

Accounts involved:

Journal Entry:

July $28-$ The company paid $$700$ to a vendor for office supplies purchased on account earlier in the month.

Accounts involved:

Journal Entry:

Part $4$: Adjusting Entries

For each scenario below, prepare the adjusting entry that should be made at the end of the accounting period:

The company paid $$3,000$ for a $6-$month insurance policy on July $1.($example$)$

Adjusting Entry $($July $31)$: Dr$.$ Insurance expense $500$; Cr$.$ Prepaid Insurance: $500$

The company received $$6,000$ in advance on July $1$ for services to be performed over the next six months. By July $31,$ one month of service has been provided. Prepare the adjusting entry.

Adjusting Entry:

Depreciation on equipment for the month is $$200.$

Adjusting Entry:

$4$