Reference no: EM13746284
(Learning Objectives 1, 3: Explain how accrual accounting differs from cash-basis accounting; adjust the accounts) An accountant made the following adjustments at December 31, the end of the accounting period:
a. Prepaid insurance, beginning, $400. Payments for insurance during the period, $1,200. Prepaid insurance, ending, $700.
b. Interest revenue accrued, $1,600.
c. Unearned service revenue, beginning, $1,100. Unearned service revenue, ending, $500.
d. Depreciation, $4,800.
e. Employees’ salaries owed for three days of a five-day work week; weekly payroll, $18,000.
f. Income before income tax, $21,000. Income tax rate is 25%.
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