wu Company has the following selected accounts balances on 31 December 2020. (RM) (RM) Equipment Notes Payable 6,650 Supplies 2,940 20,000 Unearned Service Revenue 30,000 Prepaid Insurance 2,220 All of the accounts have normal balances. The information below has been gathered as at 31 December 2020: 1. Depreciation was 10% on equipment for the year 2020. 2. Borrowed RM20,000 by signing a 10%, one-year note on 1 July 2020. 3. Paid RM2,220 for 12 months of insurance coverage on 1 October 2020. 4. Accrued RM11,000 of salaries and wages expense on 31 December 2020. 5. Performed services for a client in December 2020. The client was billed for RM3,200. 6. RM12,000 of unearned service revenue remained unearned for the year 2020. 7. A count of supplies on 31 December 2020, indicates that supplies of RM850 are still on hand. Required: ſournalize the above adjusting entries required at 31 December 2020. Show all workings.

wu Company has the following selected accounts balances on 31 December 2020. (RM) (RM) Equipment Notes Payable 6,650 Supplies 2,940 20,000 Unearned Service Revenue 30,000 Prepaid Insurance 2,220 All of the accounts have normal balances. The information below has been gathered as at 31 December 2020: 1. Depreciation was 10% on equipment for the year 2020. 2. Borrowed RM20,000 by signing a 10%, one-year note on 1 July 2020. 3. Paid RM2,220 for 12 months of insurance coverage on 1 October 2020. 4. Accrued RM11,000 of salaries and wages expense on 31 December 2020. 5. Performed services for a client in December 2020. The client was billed for RM3,200. 6. RM12,000 of unearned service revenue remained unearned for the year 2020. 7. A count of supplies on 31 December 2020, indicates that supplies of RM850 are still on hand. Required: ſournalize the above adjusting entries required at 31 December 2020. Show all workings.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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