4. Provide the adjusting journal entries for each of the following items.. Omit

Question

4. Provide the adjusting journal entries for each of the following items.. Omit explanations.
a. Unrecorded interest on savings bonds is $680.
b. Property taxes incurred but not paid or recorded amount to $540.
c. Legal fees of $5,000 were collected in advance. By year end, 80 percent were still unearned.
d. Prepaid Insurance had a $1,600 debit balance prior to adjustment. By year end, 25 percent was still unexpired.
e. Salaries incurred by year end but not yet paid or recorded amounted to $1,375.
f. Services totaling $900 have been performed but not yet recorded or billed.

Explanation / Answer

a. Dr. Interest receivable 680 Cr. Interest revenue 680 b. Dr. Property tax expense 540 Cr. Property tax payable 540 c. Dr. Unearned legal revenue 1000 Cr. Legal revenue 1000 d. Dr. Insurance expense 1200 Cr. Prepaid insurance 1200 e. Dr. Salaries expense 1375 Cr. Salaries payable 1375 f. Dr. Service receivable 900 Cr. Service revenue 900

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