the unadjusted trial balance of sheridan exposure inc. had these balances for the following select accounts…

the unadjusted trial balance of sheridan exposure inc. had these balances for the following select accounts: supplies $3,700, unearned service revenue $8,650, and prepaid rent $1,560. at the end of the period, a count showed $720 of supplies on hand. services of $3,500 had been performed related to the unearned revenue account, and one months worth of rent, worth $520, had been consumed by sheridan exposure. record the required adjusting entries related to these events. (list all debit entries before credit entries. if no entry is required, select no entry for the account titles and enter 0 for the amount in the relevant debit or credit box. entering zero in all boxes will result in the question being marked incorrect. credit account titles are automatically indented when the amount is entered. do not indent manually.) no. account titles and explanation debit credit 1. (to record supplies used) 2. (to record revenue for services performed) 3. (to record rent expired)

the unadjusted trial balance of sheridan exposure inc. had these balances for the following select accounts: supplies $3,700, unearned service revenue $8,650, and prepaid rent $1,560. at the end of the period, a count showed $720 of supplies on hand. services of $3,500 had been performed related to the unearned revenue account, and one months worth of rent, worth $520, had been consumed by sheridan exposure. record the required adjusting entries related to these events. (list all debit entries before credit entries. if no entry is required, select no entry for the account titles and enter 0 for the amount in the relevant debit or credit box. entering zero in all boxes will result in the question being marked incorrect. credit account titles are automatically indented when the amount is entered. do not indent manually.) no. account titles and explanation debit credit 1. (to record supplies used) 2. (to record revenue for services performed) 3. (to record rent expired)

Answer

Explanation:

Step1: Calculate supplies used

The beginning - balance of supplies is $3,700 and the ending - balance is $720. So, the supplies used is $3700 - 720=$2980. The adjusting entry will debit Supplies Expense (to record the expense) and credit Supplies (to reduce the asset).

Step2: Record revenue for services performed

Services of $3,500 have been performed related to unearned revenue. The adjusting entry will debit Unearned Service Revenue (to reduce the liability) and credit Service Revenue (to recognize the revenue).

Step3: Record rent expired

One - month worth of rent worth $520 has been consumed. The adjusting entry will debit Rent Expense (to record the expense) and credit Prepaid Rent (to reduce the asset).

Answer:

No. Account Titles and Explanation Debit Credit
1. Supplies Expense <br> Supplies $2980 <br> 0 0 <br> $2980
2. Unearned Service Revenue <br> Service Revenue $3500 <br> 0 0 <br> $3500
3. Rent Expense <br> Prepaid Rent $520 <br> 0 0 <br> $520