Developed for adjusting entries

Assignment Help Financial Accounting

Reference no: EM132646024

The accounting records of Webster Photo Inc. include the following selected, unadjusted balances at June 30:

Accounts Receivable, $2,700;

Office Supplies, $1,750;

Prepaid Rent, $3,600;

Equipment, $15,000;

Accumulated Depreciation - Equipment, $1,800;

Salaries Payable, $0;

Unearned Revenue, $2,400;

Office Supplies Expense, $2,800;

Rent Expense, $0;

Salaries Expense, $15,000;

Service Revenue, $40,500.

Problem 1: The following data developed for adjusting entries are as follows:

a. Service revenue accrued, $3,200
b. Unearned Revenue that has been earned, $1,000
c. Office Supplies on hand, $350
d. Salaries owed to employees, $2,200
e. One month of prepaid rent has expired, $1,000
f. Depreciation on equipment, $2,200

Reference no: EM132646024

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