Kindly help with this. A select list of transactions for Anuradha's Goals follows:i (Click the icon to view the transactions.)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, and accrued revenue.Apr. 1Paid six months of rent, $4,800.Apr. 10 Received $1,200 from customer for six month service contract that began April 1.Apг. 15Purchased a computer for $1,000.Apr. 18 Purchased $300 of office supplies on account.Apr. 30 Work performed but not yet billed to customer, $500Apr. 30 Employees earned $600 in salaries that will be paid May 2.Accrued expenseAccrued revenueDeferred expenseDeferred revenue Apr.1Paid six months of rent, S4,800.Apг. 10Received $1.200 from customer for six-month service contract that began April 1Apг. 15Purchased a computer for $1,000.Apг. 18Purchased $300 of office supplies on account.Apr. 30Work performed but not yet billed to customer $500.Apr. 30Employees earned $600 in salaries that will be paid May 2

Answered: select list of transactions for…

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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Kindly help with this.

A select list of transactions for Anuradha's Goals follows:
i (Click the icon to view the transactions.)
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, and accrued revenue.
Apr. 1
Paid six months of rent, $4,800.
Apr. 10 Received $1,200 from customer for six month service contract that began April 1.
Apг. 15
Purchased a computer for $1,000.
Apr. 18 Purchased $300 of office supplies on account.
Apr. 30 Work performed but not yet billed to customer, $500
Apr. 30 Employees earned $600 in salaries that will be paid May 2.
Accrued expense
Accrued revenue
Deferred expense
Deferred revenue

Apr.1
Paid six months of rent, S4,800.
Apг. 10
Received $1.200 from customer for six-month service contract that began April 1
Apг. 15
Purchased a computer for $1,000.
Apг. 18
Purchased $300 of office supplies on account.
Apr. 30
Work performed but not yet billed to customer $500.
Apr. 30
Employees earned $600 in salaries that will be paid May 2

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Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income or expenses for the period is adjusted in accounts by adjusting entry at the end of accounting period.

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