Question: Using the list above, identify which type of adjusting entry is being described in the following transactions for Milo inc. 1. Prepald insurance of $645
Using the list above, identify which type of adjusting entry is being described in the following transactions for Milo inc. 1. Prepald 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 pald 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 bankloan line of credit of $135 has accrued. 9. Services have now been performed in the amount of $1,745 on a job that totalled $3,000 The total was paid previously by the customer. 10. Equipment was purchased for $10000 and has a useful life of five years. The company records its depreciation monthly. 11. Services were performed for $1,295 but the accounting clerk forgot to prepare or record the invoice to the customer until after the end of the month
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