Prepare Year-End Adjustments for the Following Transactions

question 141

Essay

Prepare year-end adjustments for the following transactions. Omit explanations.
1. Accrued interest on notes receivable is $30.
2. $1,000 of unearned service revenue has been recognized.
3. Three years' rent, totaling $45,000, was paid in advance at the beginning of the year.
4. Services totaling $2,900 had been performed but not yet billed at the end of the year.
5. Depreciation on equipment totaled $6,500 for the year.
6. Supplies purchased totaled $850. By year end, only $250 of supplies remained.
7. Salaries owed to employees at the end of the year total $960

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Definitions:

US Exports

Refers to goods and services produced in the United States that are sold to other countries.

Foreigners

Individuals or entities from a different country than the one being referred to, often used in contexts discussing economic, social, or political impacts.

US Dollar Appreciates

An increase in the value of the US dollar relative to other currencies, making foreign goods and services cheaper for US consumers and US exports more expensive for foreign buyers.

US Exports

Goods or services sold by the United States to buyers in other countries.