Assessing Financial Statement Effects of Adjustments L. Burnett began Burnett Refinishing Service on July 1. Selected...

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Assessing Financial Statement Effects of Adjustments L. Burnett began Burnett Refinishing Service on July 1. Selected accounts are shown below as of July 31, before any accounting adjustments have been made. Prepaid rent Prepaid advertising Supplies $4,140 378 1,800 Unearned refinishing fees 360 1,500 Refinishing fees revenue Using the following information, prepare the accounting adjustments necessary on July 31 using the financial statement effects template. a. On July 1, the firm paid one year's rent of $4,140 in cash. b. On July 1, $378 cash was paid to the local newspaper for an advertisement to run daily for the months of July, August, and September. c. Supplies still available at July 31 total $660. d. At July 31, refinishing services of $480 have been performed but not yet recorded or billed to customers. The firm uses the fees receivable account to reflect amounts due but not yet billed. e. In early July, a customer paid $360 in advance for a refinishing project. At July 31, the project is one-half complete. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Balance Sheet Transaction a. Cash Asset + Noncash Assets = Liabilities Contrib. Capital + Earned Capital Revenues 0 $ = N/A b. 0 $ = N/A C. 0 $ N/A d. 0 = N/A e. 0 N/A Income Sta I I Assessing Financial Statement Effects of Adjustments L. Burnett began Burnett Refinishing Service on July 1. Selected accounts are shown below as of July 31, before any accounting adjustments have been made. Prepaid rent Prepaid advertising Supplies $4,140 378 1,800 Unearned refinishing fees 360 1,500 Refinishing fees revenue Using the following information, prepare the accounting adjustments necessary on July 31 using the financial statement effects template. a. On July 1, the firm paid one year's rent of $4,140 in cash. b. On July 1, $378 cash was paid to the local newspaper for an advertisement to run daily for the months of July, August, and September. c. Supplies still available at July 31 total $660. d. At July 31, refinishing services of $480 have been performed but not yet recorded or billed to customers. The firm uses the fees receivable account to reflect amounts due but not yet billed. e. In early July, a customer paid $360 in advance for a refinishing project. At July 31, the project is one-half complete. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Balance Sheet Transaction a. Cash Asset + Noncash Assets = Liabilities Contrib. Capital + Earned Capital Revenues 0 $ = N/A b. 0 $ = N/A C. 0 $ N/A d. 0 = N/A e. 0 N/A Income Sta I I