?Instructions:? Prepare the adjusting entries that should be made for Picture
Perfect for the month of July. 1 PREPAID EXPENSES:? SUPPLIES EXPENSE Assume a beginning balance of 2,000 in supplies and ending balance of 1,000. 31-Jul Supplies Expense 1,000 Supplies ? 1,000 2 PREPAID EXPENSES:? INSURANCE Expired insurance for the month is $300. 31-Jul ? ? ? ? ? 3 PREPAID EXPENSES:? DEPRECIATION Depreciation expense for the month is $80. 31-Jul ? ? ? ? ? 4 UNEARNED REVENUE As of July 31st, $650 of the previously recorded unearned revenue had been earned. 31-Jul Unearned Revenue 650 Revenue ? 650 5 ACCRUED REVENUE Services provided but unbilled (and no receivable has been recorded) at July 31 are $350. 31-Jul Accounts Receivable 350 Service Revenue ? 350 6 ACCRUED EXPENSES:? INTEREST EXPENSE Interest expense accrued at July 31 is $50. 31-Jul ? ? ? ? ? 7 ACCRUED EXPENSES Accrued salaries at July 31 are $2,300. 31-Jul ? ? ? ? ? 8 PREPAID EXPENSE: SHOP SUPPLIES EXPENSE Assume a beginning balance of $1,300 in shop supplies and ending balance of $500. 31-Jul ? ? ? ? ? 9 UNEARNED REVENUE As of July 31, $800 of rent collected in advance has been earned. 31-Jul ? ? ? ? ? 10 ACCRUED REVENUE Services of $1,200 had been performed but not billed. 31-Jul ? ? ? ? ? ?
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