Perform the following actions to complete the accounting cycle for the first month of operations at Mother Molly's Childcare. Record adjusting journal entries for these items: A physical count of supplies on May 31 indicates that supplies worth $625 remain in the supply cabinet. $750 of the unearned revenue received on May 22 has been earned as of May 31. As of May 31, the company has provided $850 of services for which it has not yet billed the client and which were not previously recorded. As of May 31, employees have worked for one day and earned wages of $200. They will not receive paychecks until the following month. Notes: Enter the transaction date on the first line only (if multiple transactions are required; enter the date on the first line of each transaction). Enter all debits within the transaction prior to entering any credits. To earn any credit for a given line within the journal entry, the account name must be correct. Partial credit is given for a correct account name with an incorrect amount; full credit is given for a correct account name with the correct amount. Do not include journal entry explanation when submitting your answer.

Answer rating: 100% (QA)

May 31 1 Supplies Expense 125 Sup... View the full answer