Journalize the adjusting entries

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Question 1. Office Supplies, Inc. uses a perpetual inventory system. Journalize the following sales transactions for this company. Explanations are not required. Use the schedule below for your journal entries.

July 3: Sold $15,400 of merchandise on account, credit terms are n/30. Cost of goods is $9,300.

July 7: Received a $750 sales return from the customer. Cost of the goods is $435.

July 20: Received payment from the customer.

Question 2. The accounting records of Mason Service Company include the following selected, unadjusted balances at June 30: Accounts Receivable, $2,700; Office Supplies, $1,800; 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.

The following data developed for adjusting entries are as follows:

a. Service revenue accrued, $1,400

b. Unearned Revenue that has been earned, $800

c. Office Supplies on hand, $700

d. Salaries owed to employees, $1,800

e. One month of prepaid rent has expired, $1,200

f. Depreciation on equipment, $1,500

Journalize the adjusting entries. Omit explanations.

Reference no: EM131756673

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