for each of the following five independent situations, journalize the adjusting entry. view the…

for each of the following five independent situations, journalize the adjusting entry. view the situations.\n\nb. march 31 - work performed but not yet billed to customers for the month, $1500 (record debit. round your answers to the nearest whole dollar.)\n\ndate account titles and explanation debit\nmarch 31 accounts receivable 1500\nservice revenue\nto record work performed but not yet billed\n\napril 21 - received payment for the work that was completed (record debits first, then credits to the nearest whole dollar.)\n\ndate account titles and explanation debit\napril 21 cash 1500\nservice revenue\nto record customer payment on account\n\nsituations\na. december 1 business receives $8000 for a 10 - month service contract\na. december 31 year - end adjusting entry needed to update the balance in the account\nb. march 31 work performed but not yet billed to customers for the month $1500\nb. april 21 received payment for the work that was completed\nc. june 15 purchased $2500 of office supplies on account\nc. december 31 a count of supplies shows that only $1500 worth is left at year - end so the balance in the account needs to be updated\nd. february 2 business paid a $500 deposit for the last months rental of a copier on a 10 - month contract\nd. november 30 the rental period for the copier ended, so the balance in the prepaid account must be updated\ne. june 1 purchased truck for $41300 (cash) with an expected useful life of years\ne. december 31 year - end adjusting entry needed to record amortization

for each of the following five independent situations, journalize the adjusting entry. view the situations.\n\nb. march 31 - work performed but not yet billed to customers for the month, $1500 (record debit. round your answers to the nearest whole dollar.)\n\ndate account titles and explanation debit\nmarch 31 accounts receivable 1500\nservice revenue\nto record work performed but not yet billed\n\napril 21 - received payment for the work that was completed (record debits first, then credits to the nearest whole dollar.)\n\ndate account titles and explanation debit\napril 21 cash 1500\nservice revenue\nto record customer payment on account\n\nsituations\na. december 1 business receives $8000 for a 10 - month service contract\na. december 31 year - end adjusting entry needed to update the balance in the account\nb. march 31 work performed but not yet billed to customers for the month $1500\nb. april 21 received payment for the work that was completed\nc. june 15 purchased $2500 of office supplies on account\nc. december 31 a count of supplies shows that only $1500 worth is left at year - end so the balance in the account needs to be updated\nd. february 2 business paid a $500 deposit for the last months rental of a copier on a 10 - month contract\nd. november 30 the rental period for the copier ended, so the balance in the prepaid account must be updated\ne. june 1 purchased truck for $41300 (cash) with an expected useful life of years\ne. december 31 year - end adjusting entry needed to record amortization

Answer

Explanation:

Step1: Analyze situation a

On December 1, received $8,000 for a 10 - month service contract. Monthly revenue = $\frac{8000}{10}=800$. At December 31, one - month revenue is earned. Debit: Unearned Service Revenue 800 Credit: Service Revenue 800

Step2: Analyze situation b

On March 31, work performed but not billed. Debit: Accounts Receivable 1500 Credit: Service Revenue 1500

Step3: Analyze situation c

On June 15, purchased $2500 of office supplies on account. On December 31, supplies used = 2500 - 1500 = 1000. Debit: Supplies Expense 1000 Credit: Office Supplies 1000

Step4: Analyze situation d

On February 2, paid $500 deposit for last - month's rent of copier on a 10 - month contract. By November 30, the prepayment is used up. Debit: Rent Expense 500 Credit: Prepaid Rent 500

Step5: Analyze situation e

Assume straight - line depreciation for the truck. If no salvage value is given and useful life is not specified clearly (let's assume 5 years for example), monthly depreciation = $\frac{41300}{5\times12}\approx688.33$. From June 1 to December 31 is 7 months. Depreciation = 688.33×7≈4818. Debit: Depreciation Expense - Truck 4818 Credit: Accumulated Depreciation - Truck 4818

Answer:

Situation a: Date: December 31 Account Titles and Explanation: Debit Unearned Service Revenue, Credit Service Revenue Debit: 800 Credit: 800

Situation b: Date: March 31 Account Titles and Explanation: Debit Accounts Receivable, Credit Service Revenue Debit: 1500 Credit: 1500

Situation c: Date: December 31 Account Titles and Explanation: Debit Supplies Expense, Credit Office Supplies Debit: 1000 Credit: 1000

Situation d: Date: November 30 Account Titles and Explanation: Debit Rent Expense, Credit Prepaid Rent Debit: 500 Credit: 500

Situation e: Date: December 31 Account Titles and Explanation: Debit Depreciation Expense - Truck, Credit Accumulated Depreciation - Truck Debit: 4818 Credit: 4818