4-1 Accrual Accounting Concepts Ex. 266 Prepare year-end adjustments for the following transactions. Omit explanations. 1.Accrued interest on notes receivable is $30. 2.$1,000 of unearned service revenue has been recognized. 3.Three…


Accrual Accounting Ideas

Ex. 266

Put together year-end changes for the next transactions. Omit explanations.

1.Accrued curiosity on notes receivable is $30.

2.$1,000 of unearned service income has been acknowledged.

3.Three years’ lease, totaling $45,000, was paid upfront originally of the 12 months.

4.Providers totaling $2,900 had been carried out however not but billed on the finish of the 12 months.

5.Depreciation on gear totaled $6,500 for the 12 months.

6.Provides bought totaled $850. By 12 months finish, solely $250 of provides remained.

7.Salaries owed to staff on the finish of the 12 months whole $960

Ex. 267

Janus Coat Firm bought a supply truck on June 1 for $30,000, paying $10,000 money and signing a 6%, 2-month word for the remaining stability. The truck is anticipated to depreciate $6,000 annually. Janus Coat Firm prepares month-to-month monetary statements.


(a)Put together the final journal entry to document the acquisition of the supply truck on June 1st.

(b)Put together any adjusting journal entries that must be made on June 30th.

(c)Present how the supply truck will likely be mirrored on Janus Coat Firm’s stability sheet on June 30th.

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