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    jessica1019's Avatar
    jessica1019 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Aug 19, 2006, 06:20 PM
    Transactions
    I need some help with these transactions.

    1. Accrued salaries, $170
    Dr. Salary Expense $170
    Cr. Salary Payable $170

    2. Supplies used, $120
    Dr. Supplies Expense $120
    Cr. Supplies $120

    3. Unexpired prepaid insurance, $650 (prepaid insurance has a trial balance of $1200
    Dr. Insurance expense $550
    Cr. Prepaid insurance $550

    4. Unearned service revenue on December 31, 20X3, $3200 (unearned service revenue has a balance of 5550
    not sure on this one

    5. Depreication expense, $900 (accumulated dep has a balance of 1200)
    not sure on this one

    6. Accrued service revenue, $500
    not sure on this one
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Aug 20, 2006, 09:31 PM
    Note: Journal Entries do NOT contain dollar signs.


    Quote Originally Posted by jessica1019
    I need some help with these transactions.
    1. Accrued salaries, $170
    Dr. Salary Expense $170
    Cr. Salary Payable $170
    Correct.

    Quote Originally Posted by jessica1019
    2. Supplies used, $120
    Dr. Supplies Expense $120
    Cr. Supplies $120
    Correct.

    Quote Originally Posted by jessica1019
    3. Unexpired prepaid insurance, $650 (prepaid insurance has a trial balance of $1200
    Dr. Insurance expense $550
    Cr. Prepaid insurance $550
    Correct.

    Quote Originally Posted by jessica1019
    4. Unearned service revenue on december 31, 20X3, $3200 (unearned service revenue has a balance of 5550
    not sure on this one
    Dr. Unearned Service Revenue 2,350
    Cr. Revenue 2,350

    (5550-3200)

    Dec 31, 20X3 is the year end, yes?


    Quote Originally Posted by jessica1019
    5. Depreication expense, $900 (accumulated dep has a balance of 1200)
    not sure on this one
    Dr. Depreciation Expense 900
    Cr. Accumulated Depreciation 900

    Quote Originally Posted by jessica1019
    6. Accrued service revenue, $500
    not sure on this one
    Dr. Accounts Receivable 500
    Cr. Revenue 500
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