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Journalize the necessary adjusting entries for millie

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Reference no: EM132556025

Millie's Boutique has the following balances in selected accounts on December 31, 2018.

Equipment 6,650
Prepaid Insurance 3,000
Supplies 2,940
Unearned Service Revenue 36,000

All of the accounts have normal balances. The information below has been gathered at December 31, 2018.:

1. Annual depreciation on the equipment is $1,260.
2. Millie's Boutique paid $3,000 for 12 months of insurance coverage on December 1, 2018..
3. Salaries incurred but not yet paid amounted to $10,000.
4. Millie's Boutique performed disinfecting services for a client in December 2014. The client will be billed $3,000.
5. By the end December 2018, $6,000 of unearned service revenue was earned.

Required:

Question a) Journalize the necessary adjusting entries for Millie's Boutique for the month of December 2018..

Reference no: EM132556025

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