Selected accounts of Bluefield Company are shown below as of October 31 of the current year, before any adjusting entries have been made. Bluefield's accounting year begins October 1.

Determine the financial statement effect of the necessary October 31 adjustments:
a) October 31 supplies on hand total $3,000.
b) Prepaid insurance represents insurance coverage purchased for a two-year period starting October 1 of the current year.
c) The office furniture is expected to last 8 years.
d) Last month the firm received $3,000 of service fees in advance. One-third of these fees were earned in October.
e) Interest earned on investments at October 31 but not yet received is $500.
Using the following format, in the column of the respective account classification, write the 1) name of each account affected by the transaction, and 2) the dollar amount and direction of the effect on Assets, Liabilities, Equity, Revenues and Expenses, for each of the adjustments necessary at the end of October:

Question

Selected accounts of Bluefield Company are shown below as of October 31 of the current year, before any adjusting entries have been made. Bluefield's accounting year begins October 1.
  
Determine the financial statement effect of the necessary October 31 adjustments:
a) October 31 supplies on hand total $3,000.
b) Prepaid insurance represents insurance coverage purchased for a two-year period starting October 1 of the current year.
c) The office furniture is expected to last 8 years.
d) Last month the firm received $3,000 of service fees in advance. One-third of these fees were earned in October.
e) Interest earned on investments at October 31 but not yet received is $500.
Using the following format, in the column of the respective account classification, write the 1) name of each account affected by the transaction, and 2) the dollar amount and direction of the effect on Assets, Liabilities, Equity, Revenues and Expenses, for each of the adjustments necessary at the end of October:

Quizplus · Accepted Answer

The Answer of Selected accounts of Bluefield Company are shown below as of October 31 of the current year, before any adjusting entries have been made. Bluefield's accounting year begins October 1.
  
Determine the financial statement effect of the necessary October 31 adjustments:
a) October 31 supplies on hand total $3,000.
b) Prepaid insurance represents insurance coverage purchased for a two-year period starting October 1 of the current year.
c) The office furniture is expected to last 8 years.
d) Last month the firm received $3,000 of service fees in advance. One-third of these fees were earned in October.
e) Interest earned on investments at October 31 but not yet received is $500.
Using the following format, in the column of the respective account classification, write the 1) name of each account affected by the transaction, and 2) the dollar amount and direction of the effect on Assets, Liabilities, Equity, Revenues and Expenses, for each of the adjustments necessary at the end of October:

Selected Accounts of Bluefield Company Are Shown Below as of October