Business, 20.09.2020 06:01 chantellejames4073
Judy Rock began Rock Refinishing Service on July 1. Selected accounts are shown below as of July 31, before any adjusting entries have been made:
Debit Credit
Prepaid rent
$6,000
Prepaid advertising 930
Supplies
3,000
Unearned refinishing fees 800
Refinishing fees revenue
2,500
Using the following information, record in a general journal the necessary adjusting entries on July 31:
a. On July 1, the firm paid one year's rent of $6,000.
b. On July 1, $930 was paid to a local newspaper for an advertisement to run daily for the months of July, August and September.
c. Supplies on hand at July 31 total $1,100.
d. At July 31, refinishing services of $975 have been performed but not yet billed to customers. The firm uses the account Fees Receivable to reflect amounts due but not billed.
e. One customer paid $1,100 in advance for a refinishing project. At July 31, the project is one-half complete.
Round your answers to the nearest dollar.
Answers: 3
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Judy Rock began Rock Refinishing Service on July 1. Selected accounts are shown below as of July 31,...
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