Prepare adjusting entries for the following transactions. Omit explanations.
1. Unrecorded interest receivable that has accrued on investment bonds is $270.
2. Rates incurred but not paid or recorded amount to $700.
3. Legal service revenues of $3,000 were collected in advance. By year end $600 was earned.
4. Prepaid insurance had a $400 debit balance prior to adjustment. By year end, 40 percent was still unexpired.
5. Salaries incurred by year end but not yet paid or recorded amounted to $950.

Question

Quizplus · Accepted Answer

The Answer of Prepare adjusting entries for the following transactions. Omit explanations.
1. Unrecorded interest receivable that has accrued on investment bonds is $270.
2. Rates incurred but not paid or recorded amount to $700.
3. Legal service revenues of $3,000 were collected in advance. By year end $600 was earned.
4. Prepaid insurance had a $400 debit balance prior to adjustment. By year end, 40 percent was still unexpired.
5. Salaries incurred by year end but not yet paid or recorded amounted to $950.

Prepare Adjusting Entries for the Following Transactions