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.

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

steps

Step by step

Solved in 2 steps with 3 images

Blurred answer
Knowledge Booster
Introduction to Governmental accounting
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
  • SEE MORE 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