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Chinook Company, an electronics repair store, prepared the unadjusted trial balance shown below at the end of its first year of operations.

For preparing the adjusting entries, the following data were assembled:

(a) Fees earned but unbilled on November 30 were $1,300.

(b) Supplies on hand on November 30 were $3,100.

(c) Depreciation of equipment was estimated to be $3,500 for the year.

(d) The balance in unearned fees represented the November 1 receipt in advance for services to be provided. Only $4,000 of the services was provided between November 1 and November 30.

(e) Unpaid wages accrued on November 30 were $900.

Instructions

Journalize the adjusting entries necessary on November 30,2010.  

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M91884250
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