Kitty Fluffington, opened a feline only grooming salon. During the the month Kitty completed the following transactions connected to her professional practice. Insructions: A: Complete the proper adusting entry. 1. Supplies used during the month: $450 2. Fees earned but not paid: $2,500 3. Depreciation of equipment: $175 4. Unearned rent has a beginning balance of $500 and $150 was earned.
Kitty Fluffington, opened a feline only grooming salon. During the the month Kitty completed the following transactions connected to her professional practice. Insructions: A: Complete the proper adusting entry. 1. Supplies used during the month: $450 2. Fees earned but not paid: $2,500 3. Depreciation of equipment: $175 4. Unearned rent has a beginning balance of $500 and $150 was earned.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:Kitty Fluffington, opened a feline only grooming salon. During the the month Kitty
completed the following transactions connected to her professional practice.
Insructions:
A: Complete the proper adusting entry.
1. Supplies used during the month: $450
2. Fees earned but not paid: $2,500
3. Depreciation of equipment: $175
4. Unearned rent has a beginning balance of $500 and $150 was earned.
Account Title
Debit
Credit
Instructions:
B: How would the following accounts be affected if the adjusting entry for supplies made in part 1
above was OMITTED? indicate overstated, understated, or unaffected
assets
liabilities
revenue
expenses
net income
Expert Solution

Step 1
Journal entries refer to the recording of transactions in an appropriate way. With the help of journal entry, the management can sort all the transactions according to the related account. Basically, it is a sum of debit and credit.
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