Question

Enviro Waste’s year end is December 31. The information in (a) to (e) is available at...

Enviro Waste’s year end is December 31. The information in (a) to (e) is available at year-end for the preparation of adjusting entries:

  1. The Unearned Revenue account has a balance of $18,500. On December 31, $2,500 remains unearned.
  2. The annual building depreciation is $10,500.
  3. The Spare Parts on hand account shows an unadjusted balance of $450. A physical count reveals a balance on hand of $100.
  4. Unbilled and uncollected services provided to customers totalled $3,550.
  5. The utility bill for the month of December was received but is unpaid; $1,300.

     Prepare the required adjusting entries at December 31, 2019, for (a) to (e).

Homework Answers

Answer #1
Adjusting entries
31-Dec Unearned Revenue(18500-2500) 16,000
                Service revenue 16,000
31-Dec Depreciation expense 10,500
                Accumulated depreciation-Building 10,500
31-Dec Cost of goods sold(450-100) 350
               Inventory 350
31-Dec Accounts receivable 3,550
               Service revenue 3,550
31-Dec Utilities expense 1,300
              Accounts payable 1,300
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