Instructions prec he adjusting entries on January 31. Account tiles are Aceunran
ID: 2338638 • Letter: I
Question
Instructions prec he adjusting entries on January 31. Account tiles are Aceunrance Expen Depreciation Expense, Service Revenue, Accounts lated Depreciation-- Equipme jExpense, Utilities Payahle pense, and Utilities Payable Expense, Interest Ex lies Expense, Utilities Expense, and Utilities ising is shown in Illustration 3.3. Instead of th Interest Payable, Prepaid Insurance, Supplies, Supplies he trial balance for Pioneer Advertising is shown in justing entries shown in the textbook at October 31, assume the follown ing adjustment data. 1. Supplies on hand at October 31 total $500. 2. Expired insurance for the month is $120. 3. Depreciation for the month is $50. 4. Services related to unearned service revenue in October worth $600 were performed 5. Services performed but not recorded at October 31 are $360. 6. Interest accrued at October 31 is $95. 7. Accrued salaries at October 31 are $1,625. Instructions Prepare the adjusting entries for the items above.Explanation / Answer
Date Accounts title Dr Cr January 31 2 Insurance expense 120 To prepaid insurance 120 3 Depreciation expense 50 To Accumulated depreciation-Equipment 50 4 Unearned service revenue 600 To service revenue 600 5 Accounts receivable 360 To service revenue 360 6 Interest expense 95 To interest payable 95 7 salaries expense 1625 To salaries payable 1625