Homework: Chapter 3 Homework Score: 0 of 2 pts E3-24 (similar to HW Score: 26 6796 . The data developed for the March 31 adjusting entries are as follows Equipment, $0 Read the teatenmets s and E Service revenue accrued $700 .Office Supplies on hand, $600 Check Anower ENG
| Adjsuting Journal Entries: | Or we can rocord a single adjusting journal entries as mentioned below: | ||||||||
| Date | Accounts and Explanations | Debit | Credit | Date | Accounts and Explanations | Debit | Credit | ||
| (a) Mar. 31 | Accounts Receivable | $ 700 | (a) Mar. 31 | Accounts Receivable | $ 700 | ||||
| Service Revenue | $ 700 | Unearned Revenue | $ 200 | ||||||
| (To record service revenue accrued) | Office supplies expenses | $ 500 | |||||||
| Salaries expenses | $ 800 | ||||||||
| (b) Mar. 31 | Unearned Revenue | $ 200 | Rent expenses | $ 650 | |||||
| Service Revenue | $ 200 | Depreciation expenses | $ 143 | ||||||
| (To record service revenue earned) | Service Revenue | $ 900 | |||||||
| Office supplies | $ 500 | ||||||||
| (c) Mar. 31 | Office supplies expenses | $ 500 | Salaries Payable | $ 800 | |||||
| Office supplies | $ 500 | Prepaid Rent | $ 650 | ||||||
| (To record office supplies) | Accumulated Depreciation-Equipment | $ 143 | |||||||
| (To record Adjsutment entries at year end) | |||||||||
| (d) Mar. 31 | Salaries expenses | $ 800 | |||||||
| Salaries Payable | $ 800 | ||||||||
| (To record salaries expenses) | |||||||||
| (e) Mar. 31 | Rent expenses | $ 650 | |||||||
| Prepaid Rent | $ 650 | ||||||||
| (To record rent expenses for period expired) | |||||||||
| (f) Mar. 31 | Depreciation expenses | $ 143 | |||||||
| Accumulated Depreciation-Equipment | $ 143 | ||||||||
| (To record depreciation expenses) | |||||||||
| Working: | |||||||||
| a. | Supplies in hand before adjsutment | $ 1,100 | |||||||
| Supplies in hand after adjsutment | $ -600 | ||||||||
| Supplies expenses | $ 500 | ||||||||
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