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Make adjusting entries for the transactions

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Reference no: EM132694884

Question - The ledger of Raymonf Ltd on 31 May 2018 includes these selected accounts before adjusting entries are prepared:

Debit Credit

Prepaid Insurance $4,400

Office Supplies $1,500

Office equipment $25,000

Accumulated depreciation $5,000

Service revenue received in advance $10,000

An analysis of the accounts shows the following:

1. Insurance expires at the rate of $100 per month.

2. Supplies on hand total $700.

3. The office equipment depreciates by $150 each month.

4. In relation to the $10 000 recorded as service revenue received in advance, $4000 of services were performed during May.

Required - Make adjusting entries for the given transactions.

Reference no: EM132694884

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