...the types of adjustments? preparing adjusting entries
jake thomas began thomas refinishing services on july 1, 2008. selected accoutns are shown below as of july 31, before any adjusting entries have been made.
Unadjusted account balances debit credit
prepaid rent $5,700
prepaid advertising 630
supplies 3,000
unearned refinishing fees $600
refinishing fees revenue 2,500
using the following info prepare entries necessary on july 31
a. using financial statements effects tempate
b. in journal entry form
c. set up t-accounts
1. At july 31, refinishing services of $800 have been perfomed but not yet recorded or billed to customers. The firm uses the account fees receivable to reflect amounts due but not yet billed.
2. A customer paid $600 in advance for a refinishing project. At july 31, the project is one-half complete.
hi, well i am having trouble using the financial statement effects template (btw there is more to the problem but i am just having trouble with these last 2.)
i am confused with accrued revenue vs. deffered revenue.
jake thomas began thomas refinishing services on july 1, 2008. selected accoutns are shown below as of july 31, before any adjusting entries have been made.
Unadjusted account balances debit credit
prepaid rent $5,700
prepaid advertising 630
supplies 3,000
unearned refinishing fees $600
refinishing fees revenue 2,500
using the following info prepare entries necessary on july 31
a. using financial statements effects tempate
b. in journal entry form
c. set up t-accounts
1. At july 31, refinishing services of $800 have been perfomed but not yet recorded or billed to customers. The firm uses the account fees receivable to reflect amounts due but not yet billed.
2. A customer paid $600 in advance for a refinishing project. At july 31, the project is one-half complete.
hi, well i am having trouble using the financial statement effects template (btw there is more to the problem but i am just having trouble with these last 2.)
i am confused with accrued revenue vs. deffered revenue.