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Quiz 2 Answers(2)

Quiz 2 Answers(2) - Unearned fee revenue 750 Fee revenue...

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Name ___________________________ USC ID# _________________________ QUIZ 2 Prepare the adjusting journal entries in good format, for each of the following transactions. 1. Did not accrue $700 owed to the company by another company renting an office in their building Accounts receivable 700 Rental income 700 2. Did not record $8,000 of depreciation expense on equipment costing $100,000 Depreciation expense 8,000 Accumulated depreciation 8,000 3. Failed to adjust the Unearned Fee Revenue account to reflect that $750 was earned
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Unformatted text preview: Unearned fee revenue 750 Fee revenue 750 4. Failed to record interest expense on a $18,000, 10 percent note payable that has been outstanding for 2 months Interest expense 300 Interest payable 300 (18,000 * .1) * (2 / 12) 5. Failed to adjust prepaid insurance to reflect that $350 of insurance coverage has been used Insurance expense 350 Prepaid insurance 350 Page 1 of 1...
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