The following schedule shows all the accounts of Fresno Travel Agency that received year-end adjusting entries: Required:
Question:
Required:
1. Calculate the missing amounts identified by the numbers (a) through (e).
2. Prepare the five adjusting entries that must have been made to cause the account changes asindicated.
Unadjusted Account Balance Adjusted Account Account 23,270 3,600 156,000 $4,550 Prepaid Insurance Prepaid Rent Accumulated Depreciation Wages Payable Unearned Revenue, service Service Revenue Insurance Expense Rent Expense Depreciation Expense Wages Expense 4,800 3,770 73,920 3,620 71,600 29,700 16,000 44,200
Step by Step Answer:
1 a Accumulated Depreciation Depreciation Expense Preadjustment 156000 Preadjustment 0 Adjustment 16...View the full answer
Cornerstones of Financial and Managerial Accounting
ISBN: 978-0324787351
1st Edition
Authors: Rich Jones, Mowen, Hansen, Heitger
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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