The December 31, 2020, trial balance of Sable Inc. included the following accounts: Cash 956,000 Accounts...
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The December 31, 2020, trial balance of Sable Inc. included the following accounts: Cash 956,000 Accounts receivable 30,000 Unearned service revenue 20,000 Supplies Prepaid insurance Equipment Salary expense 13,500 12,000 80,000 130,000 Additional data: • An inventory count of supplies indicated $1,500 were still on hand at year end. • The prepaid insurance represents the annual premium on a policy providing coverage starting July 1, 2020. • Since the last payday, employees have earned an additional $15,500 which has not yet been paid or recorded. • Sable Inc has now earned half of the unearned revenue. The equipment was bought on July 31 and has an estimated life of 10 years with no expected value at the end of its life. • Services performed but unbilled and uncollected at year end amount to $9,250. Required: 1. Prepare the necessary year-end adjusting entries as of December 31, 2020. Explanations are not required. Round your final answers to the nearest dollar. Hand write your answer in your The December 31, 2020, trial balance of Sable Inc. included the following accounts: Cash 956,000 Accounts receivable 30,000 Unearned service revenue 20,000 Supplies Prepaid insurance Equipment Salary expense 13,500 12,000 80,000 130,000 Additional data: • An inventory count of supplies indicated $1,500 were still on hand at year end. • The prepaid insurance represents the annual premium on a policy providing coverage starting July 1, 2020. • Since the last payday, employees have earned an additional $15,500 which has not yet been paid or recorded. • Sable Inc has now earned half of the unearned revenue. The equipment was bought on July 31 and has an estimated life of 10 years with no expected value at the end of its life. • Services performed but unbilled and uncollected at year end amount to $9,250. Required: 1. Prepare the necessary year-end adjusting entries as of December 31, 2020. Explanations are not required. Round your final answers to the nearest dollar. Hand write your answer in your
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1 Prepare the necessary yearend adjusting entries as of December 31 2020 ... View the full answer
Related Book For
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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