Riverbed, CPA, opened an accounting consulting practice on January 1, 2020. During the first month of operations, the following transactions occurred.1. Performed services for customers with terms net 60. At January 31, $3,750 of such services was performed but not yet billed to the insurance companies.2. Utility expenses incurred but not paid prior to January 31 totaled $1,260.3. Purchased computer and networking equipment on January 1 for $32,000, paying $16,000 in cash and signing a $16,000, 3-year note payable. The equipment depreciates $640 per month. Interest is $160 per month.4. Purchased a one-year insurance policy on January 1 for $19,200.5. Purchased $2,300 of supplies. On January 31, determined that $650 of supplies were on hand.Prepare the adjusting entries on January 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) List of AccountsAssistance Used Accounts PayableAccounts ReceivableAccumulated Depreciation-BuildingsAccumulated Depreciation-EquipmentAdministrative ExpensesAdmissions RevenueAdvertising ExpenseAllowance for Doubtful AccountsBad Debt ExpenseBuildingsCashCommon StockCost of Goods SoldCurrent Maturity of Long-Term DebtDelivery ExpenseDepreciation ExpenseDividendsDues RevenueEquipmentGreen Fees RevenueIncome SummaryIncome Tax ExpenseInsurance ExpenseInterest ExpenseInterest PayableInterest ReceivableInterest RevenueInventoryLandMaintenance and Repairs ExpenseMortgage PayableNo EntryNotes PayableNotes ReceivableOffice ExpenseOwner's CapitalOwner's DrawingsPrepaid AdvertisingPrepaid InsurancePrepaid RentProperty Tax ExpenseProperty Tax PayableRent ExpenseRent ReceivableRent RevenueRetained EarningsSalaries and Wages ExpenseSalaries and Wages Expense-AdministrativeSalaries and Wages Expense-SalesSalaries and Wages PayableSalesSales DiscountsSales Returns and AllowancesSales RevenueSelling ExpensesService RevenueSubscription RevenueSuppliesSupplies ExpenseTelephone and Internet ExpenseUtilities ExpensesUnearned Admissions RevenueUnearned Dues RevenueUnearned Service RevenueUnearned Rent RevenueUnearned Subscriptions Revenue

Name: Riverbed, CPA, opened an accounting consulting practice on January 1,
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Riverbed, CPA, opened an accounting consulting practice on January 1, 2020. During the first month of operations, the following transactions occurred.1. Performed services for customers with terms net 60. At January 31, $3,750 of such services was pe

Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

Answered: Riverbed, CPA, opened an 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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List of Accounts

Assistance Used

Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Administrative Expenses
Admissions Revenue
Advertising Expense
Allowance for Doubtful Accounts
Bad Debt Expense
Buildings
Cash
Common Stock
Cost of Goods Sold
Current Maturity of Long-Term Debt
Delivery Expense
Depreciation Expense
Dividends
Dues Revenue
Equipment
Green Fees Revenue
Income Summary
Income Tax Expense
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Maintenance and Repairs Expense
Mortgage Payable
No Entry
Notes Payable
Notes Receivable
Office Expense
Owner's Capital
Owner's Drawings
Prepaid Advertising
Prepaid Insurance
Prepaid Rent
Property Tax Expense
Property Tax Payable
Rent Expense
Rent Receivable
Rent Revenue
Retained Earnings
Salaries and Wages Expense
Salaries and Wages Expense-Administrative
Salaries and Wages Expense-Sales
Salaries and Wages Payable
Sales
Sales Discounts
Sales Returns and Allowances
Sales Revenue
Selling Expenses
Service Revenue
Subscription Revenue
Supplies
Supplies Expense
Telephone and Internet Expense
Utilities Expenses
Unearned Admissions Revenue
Unearned Dues Revenue
Unearned Service Revenue
Unearned Rent Revenue
Unearned Subscriptions Revenue

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1.		Performed services for customers with terms net 60. At January 31, $3,750 of such services was performed but not yet billed to the insurance companies.
2.		Utility expenses incurred but not paid prior to January 31 totaled $1,260.
3.		Purchased computer and networking equipment on January 1 for $32,000, paying $16,000 in cash and signing a $16,000, 3-year note payable. The equipment depreciates $640 per month. Interest is $160 per month.
4.		Purchased a one-year insurance policy on January 1 for $19,200.
5.		Purchased $2,300 of supplies. On January 31, determined that $650 of supplies were on hand.