Prepare adjusting entry to record amount of service revenue

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Question -

1. The corporation's Supplies account showed a beginning debit balance of $400 and supplies purchased of $1,600. There were $600 of supplies on hand at year end.

2. Depreciation on a building is estimated to be $10,000.

3. A one-year insurance policy was purchased for $4,000. Six months have passed since the purchase.

4. Accrued interest on a note receivable amounted to $200.

5. The company received a $3,600 advance payment during the year on services to be performed. By the end of the year, one-third of the services had been performed.

Required - Prepare the adjusting entry to record the amount of service revenue earned during the accounting period?

Reference no: EM132497424

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