Jake Thomas began Thomas Refinishing on July 1 . Selected accounts are shown below as of July
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Question:
Jake Thomas began Thomas Refinishing on July Selected accounts are shown below as of July before any adjusting entries have been made.
Unadjusted Account Balances | Debit | Credit |
---|---|---|
Prepaid rent | $ | |
Prepaid advertising | | |
Supplies inventory |
| |
Performance obligation liability | $ | |
Refinishing fees revenue | 6 |
On July the firm paid one year\'s advance rent of $ in cash assume lease qualifies as
shortterm
On July $ cash was paid to the local newspaper for an advertisement to run daily
for the months of July, August, and September. Ignore differences in number of days.
Supplies still available at July total $
At July refinishing services of $ have been performed but not yet recorded or
billed to customers. The firm uses the account Fees Receivable to reflect amounts due but not yet
billed.
A customer paid $ in advance for a refinishing project. At July the project is onehalf
complete.
a Using the above information, prepare the adjusting journal entries necessary on July
b Enter any beginning balances and post the adjusting entries to the Taccounts.
Enter adjustment amounts in the first available field in the debit or credit column.
Related Book For
Financial Accounting
ISBN: 9781618533111
6th Edition
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
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