Question: It is important that you understand how to adjust the accounts at the end of the accounting period. Choose ONE of the transactions below
It is important that you understand how to adjust the accounts at the end of the accounting period. Choose ONE of the transactions below and show the Journal entry in good format with an explanation. Transactions for Betterton Welding Services: a. Depreciation for the current year includes equipment, $2,100. b. Each Monday, Betterton pays employees for the previous week's work. The amount of weekly payroll is $1,400 for a seven-day workweek (Monday to Sunday). This year, December 31 falls on Thursday. C The beginning balance of Office Supplies was $2,300. During the year, Betterton purchased office supplies for $3,000, and at December 31 the office supplies on hand totaled $1,000. d. Betterton prepaid a two full years' insurance on July 1 of the current year, $6.000. Record insurance expense for the year ended December 31. e Betterton had earned $2,800 of unearned revenue. f 9. Betterton had incurred (but not recorded) $200 of interest expense on a note payable. The interest will not be paid until February 28. Betterton billed customers $3,000 for welding services performed. Use the letters to label the journal entries. Choose ONE of the transactions above and show the journal entry in good format with an explanation.
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