The information in the table below has been taken from Ingersoll Antiques\'s una

Question

The information in the table below has been taken from Ingersoll Antiques's unadjusted and adjusted trial balances at January 31, 2011.

Given this information, prepare the adjusting journal entries. Use the numbers below as the description for the corresponding type of adjustment.

1.Adjustment of prepaid
2.Adjustment of unearned revenue
3.Depreciation adjustment
4.Accrued revenue
5.Accrued expense
The dates must be entered in the format dd/mmm (ie. 15/Jan). Note that not all of the above transactions will need to be entered.

                                                            Unadjusted       Ajusted

                                                        Debit  Credit         Debit      credit
Accumulated Depreciation, Furniture             7820                          8720
Advertising Payable                                        0                             8500
Unearned Consulting Revenue                         7800                      3400
Consulting Revenue Earned                             8500                     12900
Depreciation Expense, Furniture         0                             900
Advertising Expense                       3500                         12000

Explanation / Answer

31/Jan Debit Depreciation Expense, Furniture 900 Credit Accumulated Depreciation, Furniture 900 Description: 3, depreciation adjustment 31/Jan Debit Advertising Expense 8500 Credit Advertising Payable 8500 Description: 5, accrued expense 31/Jan Debit Unearned Consulting Revenue 4400 Credit Consulting Revenue Earned 4400 Description: Adjustment of unearned revenue

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