Danville Company specializes in the repair of music equipment and is owned and operated by Harry...
Danville Company specializes in the repair of music equipment and is owned and operated by Harry Nagel. On April 30, 2008, the end of the current year, the accountant for Danville Company prepared the following trial balances:
|Danville Company Trial Balance April 30, 2008|
|Unearned Service Fees||6,000||2,900|
|Harry Nagel, Capital||131,340||131,340|
|Harry Nagel, Drawing||25,000||25,000|
|Service Fees Earned||244,600||247,700|
Journalize the seven entries that adjusted the accounts at April 30. None of the accounts were affected by more than one adjusting entry.
Supplies expense account is used in recording the amount of supplies consumed or used in business operations. This account has a normal balance of debit.
Answer and Explanation: 1
|Supplies Expense (3,750-900)||2,850|
|To record the supplies consumed.|
|To record the expired portion of the prepaid insurance.|
|To record the depreciation expense incurred for the equipment.|
|To record the depreciation incurred for the automobiles.|
|Unearned Service Fees||3,100|
|Service Fees Earned||3,00|
|To record the service fees earned.|
|To record the accrued salaries.|
|To record the accrued utilities.|
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Adjusting Entries: Definition, Types & Examples
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Learn the definition of adjusting entries in accounting, and find examples. Explore the various types of adjusting journal entries, and examine how to do them.
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