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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. Apr. 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

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. Apr. 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

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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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
Transcribed Image Text: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
Transcribed Image Text: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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