Answered

Welcome to Westonci.ca, the place where your questions find answers from a community of knowledgeable experts. Explore a wealth of knowledge from professionals across different disciplines on our comprehensive platform. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

Swifty Corporation records all prepayments in income statement accounts. At April 30, the trial balance shows Supplies Expense $2,700, Service Revenue $9,400, and zero balances in related balance sheet accounts. Prepare the adjusting entries at April 30 assuming: (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) (a) $800 of supplies on hand and (b)$3,200 of service revenue should be reported as unearned

Sagot :

abiolataiwo2015

Answer:

Apr. 30

Dr Supplies Expense $1,900

Cr Supplies $1,900

Dr Unearned Service Revenue 3200

Cr Service Revenue 3200

Explanation:

Preparation of the adjusting entries at April 30

Based on the information given the adjusting entries at April 30 will be :

Apr. 30

Dr Supplies Expense $1,900

Cr Supplies $1,900

($2,700-$800)

(Being to record supplies on hand)

Dr Unearned Service Revenue 3200

Cr Service Revenue3200

(Being to record Unearned Service Revenue)

Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.