Greenway CorporationTrial BalanceDecember 31, 2022$ 30052282CashAccounts ReceivablePrepaid InsuranceSuppliesEquipmentAccumulated Depreciation, EquipmentAccounts PayableCommon StockRetained EarningsService RevenueSalaries and Wages ExpenseRent Expense1804,000$ 6003841,2001,4003,0001,000500$6.584$6,584If service for $175 had been performed but not billed, the adjusting entry to recordthis would include a:a. debit to Service Revenue for $175.b. credit to Unearned Service Revenue for $175.C. credit to Service Revenue for $175.d. debit to Unearned Revenue for $175.45Oakville Inc. purchased a 12-month insurance policy on March 1 , 2022 for $2,400.At March 31, 2022, the adjusting journal entry to record expiration of this asset willinclude:a. a debit to Prepaid Insurance and a credit to Cash for $2.400.b. a debit to Prepaid Insurance and a credit to Insurance Expense for $240.C a debit to Insurance Expense and a credit to Prepaid Insurance for $200.d. a debit to Insurance Expense and a credit to Cash for $200.46.An expensea. decreases assets and liabilities,b. decreases stockholders' equity.C. leaves stockholders' equity unchanged.d. is basically the same as a liability88

Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…

Greenway Corporation Tral Balance December 31.2022 $ 300 522 82 180 4,000 Cash Accounts Receivable Prepaid Insurance Supples Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earmnings Service Revenue Salaries and Wages Expense Rent Expense $ 600 384 1,200 1,400 3,000 1,000 500 0.504 $6.584 If service for $175 had been performed but not billed, the adjusting entry to record this would include a a debit to Service Revenue for $175 b credit to Unearned Service Revenue for $175 c credit to Service Revenue for $175 d. debit to Uneamed Revenue for $175

Greenway Corporation Tral Balance December 31.2022 $ 300 522 82 180 4,000 Cash Accounts Receivable Prepaid Insurance Supples Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earmnings Service Revenue Salaries and Wages Expense Rent Expense $ 600 384 1,200 1,400 3,000 1,000 500 0.504 $6.584 If service for $175 had been performed but not billed, the adjusting entry to record this would include a a debit to Service Revenue for $175 b credit to Unearned Service Revenue for $175 c credit to Service Revenue for $175 d. debit to Uneamed Revenue for $175

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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