Adjustment data at December 31 follow                  a. As of December 31 Greavy had performed $500 of service revenue but has not yet billed customers.                                                                    b. At the end of the month, Greavy had $700 of office supplies remaining.                                          c. Prepaid Insurance of $3,900 remained                d . Depreciation expense $4,000                               e. Accurued  salaries expense of $200  that hasn't been paid yet.                                                     Requirements                                                            1. Complete the worksheet.  Use letters a through e to label the five adjustments.                  2. Journalize the adjusting entries.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question

Adjustment data at December 31 follow                  a. As of December 31 Greavy had performed $500 of service revenue but has not yet billed customers.                                                                    b. At the end of the month, Greavy had $700 of office supplies remaining.                                          c. Prepaid Insurance of $3,900 remained                d . Depreciation expense $4,000                               e. Accurued  salaries expense of $200  that hasn't been paid yet.                                                     Requirements                                                            1. Complete the worksheet.  Use letters a through e to label the five adjustments.                  2. Journalize the adjusting entries

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
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.
Similar questions
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