Cullumber Company provides property management services to a variety of companies. At its fiscal year end on April 30, 2024, adjustments were required for the following items: 1. Services of $610 were provided but not recorded or collected. 2. Of the balance in the Unearned Revenue account, $300 of services have been provided. 3. 4. 5. 6. Depreciation expense for the year ended April 30, 2024, was $5,350. Interest of $545 on a note payable had accrued. Prepaid insurance of $455 had expired. Property taxes for the calendar year are payable every year on June 30. The company estimated property taxes for 2024 to be $3,996. Prepare these reversing entries on May 1, 2024. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles May 1 May 1 (To reverse accrued revenue adjusting entry) May 1 (To reverse accrued interest expense adjusting entry) (To reverse accrued property tax expense adjusting entry) Debit Credit
Cullumber Company provides property management services to a variety of companies. At its fiscal year end on April 30, 2024, adjustments were required for the following items: 1. Services of $610 were provided but not recorded or collected. 2. Of the balance in the Unearned Revenue account, $300 of services have been provided. 3. 4. 5. 6. Depreciation expense for the year ended April 30, 2024, was $5,350. Interest of $545 on a note payable had accrued. Prepaid insurance of $455 had expired. Property taxes for the calendar year are payable every year on June 30. The company estimated property taxes for 2024 to be $3,996. Prepare these reversing entries on May 1, 2024. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles May 1 May 1 (To reverse accrued revenue adjusting entry) May 1 (To reverse accrued interest expense adjusting entry) (To reverse accrued property tax expense adjusting entry) Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Give me correct answer with explanation
Transcribed Image Text:Cullumber Company provides property management services to a variety of companies. At its fiscal year end on April 30, 2024,
adjustments were required for the following items:
1. Services of $610 were provided but not recorded or collected.
2.
Of the balance in the Unearned Revenue account, $300 of services have been provided.
3.
4.
5.
6.
Depreciation expense for the year ended April 30, 2024, was $5,350.
Interest of $545 on a note payable had accrued.
Prepaid insurance of $455 had expired.
Property taxes for the calendar year are payable every year on June 30. The company estimated property taxes for 2024 to
be $3,996.
Transcribed Image Text:Prepare these reversing entries on May 1, 2024. (Credit account titles are automatically indented when amount is entered. Do not
indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before
credit entries.)
Date Account Titles
May 1
May 1
(To reverse accrued revenue adjusting entry)
May 1
(To reverse accrued interest expense adjusting entry)
(To reverse accrued property tax expense adjusting entry)
Debit
Credit
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