Identifying types of adjusting entriesA select list of transactions for Anuradha’s Goals follows:For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, accrued revenue. Paid six months of rent, $4,800.10Apr. 1Received $1,200 from customer for six-month service contractthat began April 1.15 Purchased a computer for $1,000.Purchased $300 of office supplies on account.Work performed but not yet billed to customer, $500.Employees earned $600 in salaries that will be paid May 2.183030

Apr 1 paid six months of rent $4800 Deferred Expense Apr 10 Received $1200 from customer for six…

Answered: Paid six months of rent, $4,800. 10…

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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Identifying types of adjusting entries

A select list of transactions for Anuradha’s Goals follows:

For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, accrued revenue.

Paid six months of rent, $4,800.
10
Apr. 1
Received $1,200 from customer for six-month service contract
that began April 1.
15 Purchased a computer for $1,000.
Purchased $300 of office supplies on account.
Work performed but not yet billed to customer, $500.
Employees earned $600 in salaries that will be paid May 2.
18
30
30

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