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Prepare adjusting entries for the following transactions. Omit explanations. 1. Unrecorded interest accrued on notes payable is $2,000. 2. Utilities used but not yet paid or recorded amount to $700. 3. Consulting service revenues of $10,000 were collected in advance. By year end $4,000 was still unearned. 4. Prepaid insurance had a $10,000 debit balance prior to adjustment. By year end, 60 per- cent was expired.

Prepare adjusting entries for the following transactions. Omit explanations. 1. Unrecorded interest accrued on notes payable is $2,000. 2. Utilities used but not yet paid or recorded amount to $700. 3. Consulting service revenues of $10,000 were collected in advance. By year end $4,000 was still unearned. 4. Prepaid insurance had a $10,000 debit balance prior to adjustment. By year end, 60 per- cent was expired.

FINANCIAL ACCOUNTING
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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Prepare adjusting entries for the following transactions. Omit explanations. 1. Unrecorded interest accrued on notes payable is $2,000. 2. Utilities used but not yet paid or recorded amount to $700. 3. Consulting service revenues of $10,000 were collected in advance. By year end $4,000 was still unearned. 4. Prepaid insurance had a $10,000 debit balance prior to adjustment. By year end, 60 per- cent was expired.
Transcribed Image Text:Prepare adjusting entries for the following transactions. Omit explanations. 1. Unrecorded interest accrued on notes payable is $2,000. 2. Utilities used but not yet paid or recorded amount to $700. 3. Consulting service revenues of $10,000 were collected in advance. By year end $4,000 was still unearned. 4. Prepaid insurance had a $10,000 debit balance prior to adjustment. By year end, 60 per- cent was expired.
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