Reference no: EM132993571
On December 27, 2021, Tannis Corp, called a maintenance company about their heating system not working properly and asked that a technician service the furnace as soon as possible. The technician completed the work on the morning of December 30, 2021, but Tannis made no entry to their accounting system. On January 4, 2022, Tannis received an invoice for $1,460. They paid the invoice on January 17, 2022
Tannis Corp has a December 31 year-end and they use the balance sheet method to record adjusting entries. Adjusting entries are recorded annually
Problem 1: Is an adjusting entry required at December 31?
Problem 2: Is an adjusting entry required at January 4? (YES OR NO)
Problem 3: Which of the following entries would be on January 17, 2022?
Option 1: Liability account cr. cash
Option 2: Dr. cash cr. maintenance expense
Option 3: Maintenance expense, cr cash
Option 4: Dr cash, cr liability account
Option 5: No entry is required on January 17, 2022
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