Given below is a listing of selected accounts before adjusting entries for Duane Corporation as of December 31.
Complete the 'Adjusted Account Balances' column on the basis of the following information:
a. Unused supplies amount to $400 on December 31.
b. $300 of rent is prepaid on December 31.
c. Unpaid salaries amount to $500 on December 31.
d. $1,200 of the $45,000 service revenue is not yet earned on December 31.
Definitions:
Volume Of Traffic
The quantity of movements or flow, commonly used in reference to the number of users or visitors on a website or the number of vehicles on a road.
Business
Business denotes the commercial activities conducted by individuals or organizations for the purpose of earning profits through the production, distribution, and sale of goods and services.
Lease Agreement
A contract between a lessor and a lessee that outlines the terms and conditions for renting property or equipment.
Business Owners
Individuals or entities that possess and operate a commercial enterprise, assuming the risks and rewards associated with the business.
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