Equipment $160,000 Unearned Revenues $50,000 Inventory $ 95,000 Accounts Payable
ID: 2378060 • Letter: E
Question
Equipment
$160,000
Unearned Revenues
$50,000
Inventory
$ 95,000
Accounts Payable
$60,000
Accounts Receivable
$ 20,000
Accumulated Depreciation - Equipment
($30,000)
Building
$100,000
Accumulated Depreciation - Bldg
($50,000)
Cash
$ 150,000
Note Payable
$140,000
Supplies
$ 12,000
Capital Stock
$150,000
Prepaid Rent
$ 15,000
Retained Earnings, beg. bal.
$172,000
Land
$100,000
1) The company provided the services associated with Unearned Revenues balance at the beginning of the year. Record the adjustment necessary for the year 2005.
2)At December 31, received $15,000 in cash representing advance payment for services to be provided in February of 2006. Record the adjustment necessary at December 31, 2005.
3) At December 31, the company had earned $35,000 in tax consulting revenue, but had not yet received payment from their customer. Record the adjustment necessary at December 31, 2005.
Equipment
$160,000
Unearned Revenues
$50,000
Inventory
$ 95,000
Accounts Payable
$60,000
Accounts Receivable
$ 20,000
Accumulated Depreciation - Equipment
($30,000)
Building
$100,000
Accumulated Depreciation - Bldg
($50,000)
Cash
$ 150,000
Note Payable
$140,000
Supplies
$ 12,000
Capital Stock
$150,000
Prepaid Rent
$ 15,000
Retained Earnings, beg. bal.
$172,000
Land
$100,000
Explanation / Answer
.
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