54. Selected accounts of Moonbeam Company are shown below as of October 31 of the current year,before any adjusting entries have been made. Moonbeam's accounting year begins October 1.DebitCreditSuppliesPrepaid insurance$18,0006,000Office furniture15,360Unearned service fees$6,000Interest income2,600Use the following information to prepare the necessary October 31 adjusting entries:(5) October 31 supplies on hand total $6,000.(6) Prepaid insurance represents insurance coverage purchased for a two-year period starting October1 of the current year.(7) The office furniture is expected to last 8 years.(8) Last month the firm received $6,000 of service fees in advance. One-third of these fees wereearned in October.(5) Interest earned on investments at October 31 but not yet received is $1,000

Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Answered: 54. Selected accounts of Moonbeam…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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