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Accounting I
More Bucks Company prepares monthly financial statements. Below are listed selected accounts and their balances in the September 30 trail balance before any adjustments have been made for the month of September.
MORE BUCKS COMPANY Office Supplies 2,500 Prepaid Insurance 3,150 Accumulated Depreciation-Office Equip. 800 Unearned Service Revenue 1,500 An analysis of the account balances by the companies accountant provided the following additional information. a. A physical count of office supplies revealed 1,200 revealed on hand on September 30. b. A two-year life insurance policy was purchased on June 1 for 3,600 c. Office equipment depreciated 4,800 per year/ d. the amount of services revenue received in advance that remains unearned at Sept. 30 is $500. Prepare the General Journal adjusting entries that should be made by More Bucks Company on Sept 30th. I think I am right with my answers but I wanted to see what others knew! |
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