Make transaction entries and adjustment entries of Heyi

Assignment Help Financial Accounting

Reference no: EM132799264

Question - Adjustment Entry for Deferred Matters Prepaid newspaper advertising costs $150 on November 1

The following are the events of Heyi Company in November and December:

Prepaid insurance costs for one year $216 on November 1

Prepaid customer income $300 on November 30

Prepaid three-month rent $270 on December 1

Daily customer income $700 in advance on December 15

Daily adjustment matters on December 31:

1. Newspaper advertising fee of $85 has not been consumed.

2. On November 30, the customer income received in advance has been provided with a service of $160

3. On December 15, the customer revenue received in advance, the service of $200 has not been provided.

4. Make relevant adjustment entries for December 1 rent.

5. Make relevant adjustment entries for insurance premiums.

Required - Make transaction entries and adjustment entries of Heyi Company.

Reference no: EM132799264

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