Selected accounts of The Hogwarts Company are shown below as of January 31 of the current year, before any adjusting entries have been made. Hogwarts' accounting year begins on January 1.
Use the following information to prepare the necessary January 31 adjusting entries:
(1) Prepaid advertising represents advertising for January, February, and March.
(2) January 31 supplies on hand total $2,200.
(3) Test equipment is expected to last 10 years.
(4) Last month the firm received $10,200 of service fees in advance. The firm performed the necessary work during January.
(5) Accrued salaries not recorded at January 31 are $2,000.

Question

Selected accounts of The Hogwarts Company are shown below as of January 31 of the current year, before any adjusting entries have been made. Hogwarts' accounting year begins on January 1.
  Use the following information to prepare the necessary January 31 adjusting entries:
(1) Prepaid advertising represents advertising for January, February, and March.
(2) January 31 supplies on hand total $2,200.
(3) Test equipment is expected to last 10 years.
(4) Last month the firm received $10,200 of service fees in advance. The firm performed the necessary work during January.
(5) Accrued salaries not recorded at January 31 are $2,000.

Quizplus · Accepted Answer

The Answer of Selected accounts of The Hogwarts Company are shown below as of January 31 of the current year, before any adjusting entries have been made. Hogwarts' accounting year begins on January 1.
  Use the following information to prepare the necessary January 31 adjusting entries:
(1) Prepaid advertising represents advertising for January, February, and March.
(2) January 31 supplies on hand total $2,200.
(3) Test equipment is expected to last 10 years.
(4) Last month the firm received $10,200 of service fees in advance. The firm performed the necessary work during January.
(5) Accrued salaries not recorded at January 31 are $2,000.

Selected Accounts of the Hogwarts Company Are Shown Below as of January