Question: Using the list above, identify which type of adjusting entry is being described in the following transactions for Milo Inc 1 Prepaid insurance of $645

 Using the list above, identify which type of adjusting entry is

Using the list above, identify which type of adjusting entry is being described in the following transactions for Milo Inc 1 Prepaid insurance of $645 has expired. 2. Supplies on hand at the end of the year total $1.525. The unadjusted balance was $2,700. 3. Monthly depreciation on equipment is $500 4. Services of $425 have been provided. This amount was previously received and recorded as unearned revenue 5. Salaries earned by employees for the month of $1,850 have not been paid or recorded. 6. The utility bill for $335 was received on the last day of the month and is unpaid and unrecorded 7. Services performed but not collected in cash or recorded total $895, 8. Interest on a bank loan line of credit of $135 has accrued. 9 Services have now been provided in the amount of $1.745 on a job that totalled $3.000. The total was paid previously by a customer 10. Equipment was purchased for $10,000 and has a useful life of 5 years. The company records its depreciation monthly De 11. Services were performed for $1.295 but the accounting clerk forgot to prepare and send the invoice to the customer until after the end of the month Un Save for later Attempts: 0 of 10

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!