Prepare adjusting entries for the following transactions.
1. Accrued interest on notes receivable is $95.
2. Unearned revenues earned totals $2,000.
3. Four years rent, totalling $60,000, was paid in advance at the beginning of the year.
4. Services totalling $2,100 had been performed but not yet billed at the end of the year.
5. Equipment purchased two years ago for $18,000 had an estimated useful life of 4 years.
6. The balance in the Supplies account was $690. By year end, only $100 in supplies remained.
7. Salaries owed to employees at the end of the year total $1,000.

Question

Quizplus · Accepted Answer

The Answer of Prepare adjusting entries for the following transactions.
1. Accrued interest on notes receivable is $95.
2. Unearned revenues earned totals $2,000.
3. Four years rent, totalling $60,000, was paid in advance at the beginning of the year.
4. Services totalling $2,100 had been performed but not yet billed at the end of the year.
5. Equipment purchased two years ago for $18,000 had an estimated useful life of 4 years.
6. The balance in the Supplies account was $690. By year end, only $100 in supplies remained.
7. Salaries owed to employees at the end of the year total $1,000.

Prepare Adjusting Entries for the Following Transactions