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Question - The ledger of Raymonf Ltd on 31 May 2018 includes these selected accounts before adjusting entries are prepared:
Debit Credit
Prepaid Insurance $4,400
Office Supplies $1,500
Office equipment $25,000
Accumulated depreciation $5,000
Service revenue received in advance $10,000
An analysis of the accounts shows the following:
1. Insurance expires at the rate of $100 per month.
2. Supplies on hand total $700.
3. The office equipment depreciates by $150 each month.
4. In relation to the $10 000 recorded as service revenue received in advance, $4000 of services were performed during May.
Required - Make adjusting entries for the given transactions.
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