Reference no: EM132314993
Question :
Vissar Foods has the following balances in selected accounts on December 31 , 2020 .
Journalize adjusting entries .
Service Revenue $ 40, 000
Insurance Expense 2, 400
Supplies Expense 2, 450
All the accounts have normal balances . Vissar Foods debits prepayments to expense accounts when paid , and credits unearned revenues to revenue accounts when received . The following information below has been gathered at December 31 , 2020 .
1. Vissar Foods paid E'2 , 400 for 12 months of insurance coverage on June 1 , 2020 .
2. On December 1 , 2020 , Vissar collected $ 40, 000 for consult ulting services to be performed from December 1 , 2020 , through March 31 , 2021.
3. A count of supplies on December 31 , 2020 , indicates that supplies of EGoo are on hand.
Instructions
Prepare the annual adjusting entries needed at December 31 , 2020.
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