7) The December 31, 2020, trial balance of Pilsner Inc. included the following selected accounts:Accounts receivable$176,000Unearned service revenue24,000Prepaid rentPrepaid insurance69,00036,000Equipment280,000Accumulated depreciation-equipment 30,000Salary expense130,000Additional data:One-third of the revenue received in advance has been earned by December 31, 2020.The prepaid insurance represents the annual premium on a policy providing coverage starting September 1.2020.Since the last payday, employees have earned an additional $2,500 which has not yet been paid or recorded.The equipment has an estimated life of 10 years and no expected value at the end of its life.amount to $6,500.October 1, 2020.Services performed but unbilled and uncollected at year endThe prepaid rent relates to half a year beginning onPrepare the necessary year-end adjusting entries as of December 31, 2020

A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

7) The December 31, 2020, trial balance of Pilsner Inc included the following selected accounts: Accounts receivable $176,000 Unearned service revenue 24,000 Prepaid rent 69,000 Prepaid insurance 36,000 Equipment 280,000 Accumulated depreciation-equipment 30,000 Salary expense 130,000 Additional data:

7) The December 31, 2020, trial balance of Pilsner Inc included the following selected accounts: Accounts receivable $176,000 Unearned service revenue 24,000 Prepaid rent 69,000 Prepaid insurance 36,000 Equipment 280,000 Accumulated depreciation-equipment 30,000 Salary expense 130,000 Additional data:

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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