Homework Help is Here – Start Your Trial Now!
Business
Accounting
Accounting Ledger Accounting Equation - - On September 1, 2010, the business agreed to cater 23 events for a local pusiness planning a series of parties. Chef Joe's Kitchen was paid $42,550 in dvance on September 1. Between September 1 and December 31, the business ad catered 7 events. Assets Liabilities Equity Unearned Revenue Services Revenue ADD ACCOUNT %3D -18,500 +1,850 ADD ACCOUNT ADD ACCOUNT J This is not a transaction. CHECK MY WORK SHOW S OLUTIO

Accounting Ledger Accounting Equation - - On September 1, 2010, the business agreed to cater 23 events for a local pusiness planning a series of parties. Chef Joe's Kitchen was paid $42,550 in dvance on September 1. Between September 1 and December 31, the business ad catered 7 events. Assets Liabilities Equity Unearned Revenue Services Revenue ADD ACCOUNT %3D -18,500 +1,850 ADD ACCOUNT ADD ACCOUNT J This is not a transaction. CHECK MY WORK SHOW S OLUTIO

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Can I have some help please
Quantum.docx 6 Quantum Accounting Quantum - Adjusting Entries A Not Secure quantumvm.northcentralus.cloudapp.azure.com/acct_tab.php#3b QUANTUM Adjust Instructions Session Transc O Accounting Equation O Accounting Journal O Accounting Ledger Accounting Equation f. - On September 1, 2010, the business agreed to cater 23 events for a local business planning a series of parties. Chef Joe's Kitchen was paid $42,550 in advance on September 1. Between September 1 and December 31, the business had catered 7 events. Assets Liabilities Equity + Unearned Revenue Services Revenue ADD ACCOUNT %3D -18,500 +1,850 ADD ACCOUNT ADD ACCOUNT U This is not a transaction. CHECK MY WORK SHOW SOLUTION Check my work: The answer of -$18,500 for Unearned Revenue isn't right. The answer under the Services Revenue account also isn't correct. Ask a Question Analyzing the Event O What is the purpose of adjusting entries? How will this affect the business' assets? Will this cause liabilities or equity to change? How can I get the adjustment amount? What accounts will be affected in this step? ASK? Is this an adjustment for accrued revenue or deferred revenue? Potential Misconceptions O Does recording an expense always mean assets are reduced? ASK?
Transcribed Image Text:Quantum.docx 6 Quantum Accounting Quantum - Adjusting Entries A Not Secure quantumvm.northcentralus.cloudapp.azure.com/acct_tab.php#3b QUANTUM Adjust Instructions Session Transc O Accounting Equation O Accounting Journal O Accounting Ledger Accounting Equation f. - On September 1, 2010, the business agreed to cater 23 events for a local business planning a series of parties. Chef Joe's Kitchen was paid $42,550 in advance on September 1. Between September 1 and December 31, the business had catered 7 events. Assets Liabilities Equity + Unearned Revenue Services Revenue ADD ACCOUNT %3D -18,500 +1,850 ADD ACCOUNT ADD ACCOUNT U This is not a transaction. CHECK MY WORK SHOW SOLUTION Check my work: The answer of -$18,500 for Unearned Revenue isn't right. The answer under the Services Revenue account also isn't correct. Ask a Question Analyzing the Event O What is the purpose of adjusting entries? How will this affect the business' assets? Will this cause liabilities or equity to change? How can I get the adjustment amount? What accounts will be affected in this step? ASK? Is this an adjustment for accrued revenue or deferred revenue? Potential Misconceptions O Does recording an expense always mean assets are reduced? ASK?
Expert Solution
Step 1 Introduction

The adjustment entries are prepared to adjust the revenue and expenses of the current period. 

The accounting equation states that assets equals to sum of liabilities and shareholders equity. 

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Investments
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS