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Homework answers / question archive /  Company has the following balances in selected accounts on December 31, 2014

 Company has the following balances in selected accounts on December 31, 2014

Accounting

 Company has the following balances in selected accounts on December 31, 2014. - Service Revenue $40,000 - Insurance Expense 2,880 - Supplies Expense 2,450 All the accounts have normal balances. Rogert Company debits prepayments to expense accounts when paid, and credits unearned revenues to revenue accounts when received. The following information below has been gathered at December 31, 2014. 1. Rogert Company paid $2,880 for 12 months of insurance coverage on April 1, 2014. 2. On December 1, 2014, Rogert Company collected $40,000 for consulting services to be performed from December 1, 2014, through March 31, 2015. 3. A count of supplies on December 31, 2014, indicates that supplies of $420 are on hand. Instructions Prepare the adjusting entries needed at December 31, 2014. *E3-18 At Beloit Company, prepayments are debited to expense when paid, and unearned revenues are credited to revenue when cash is received. During January of the current year, the following transactions occurred. - Jan. 2 Paid €2,640 for fi re insurance protection for the year. - 10 Paid €1,700 for supplies. - 15 Received €6,400 for services to be performed in the future. On January 31, it is determined that €2,500 of the services were performed and that there are €650 of supplies on hand. Instructions (a) Journalize and post the January transactions. (Use T-accounts.) (b) Journalize and post the adjusting entries at January 31. (c) Determine the ending balance in each of the accounts.

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