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Prepare the selected journal entries for Flagger Company:
1) Issued common stock and received $10,000 in cash
2) Paid rent for the current month of $500
3) Purchased $1,000 worth of advertising from a vendor on account. 4) Purchased new equipment for $3,780 cash
5) Received cash for services performed of $4,450
6) Charged customers on account for fees earned of $3,250
Prepare the selected adjusting journal entries for Flagger Company:
7) The correct ending balance of Prepaid Rent is $2,000. The unadjusted balance is $3,000.
8) At the end of the period, $1,000 of salaries had accumulated and will be paid the next period. 9) Unearned revenue of $500 was earned during the period.

Sagot :

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