What adjusting entry is required at the end of June

Reference no: EM132695601

Questions -

Q1) An electricity bill of $550 for June has not been recorded and will not be paid until next month. What adjusting entry is required as of 30 June?

a. Debit electricity payable $550; Credit electricity expense $550

b. Debit electricity expense $550; Credit cash $550

c. Debit electricity payable $550; Credit cash $550

d. Debit electricity expense $550; Credit electricity payable $550

Q2) Invoices representing $5000 of services performed during the month have not been recorded as of June 2019. What adjusting entry is required at the end of June 2019?

a. Debit Cash $5000; Credit Accounts receivable $5000.

b. Debit Revenue received in advance $5000; Credit Service revenue $5000.

c. Debit Cash $5000; Credit Service revenue $5000.

d. Debit Accounts receivable $5000; Credit Service revenue $5000.

Reference no: EM132695601

Questions Cloud

Coso framework : The COSO framework of internal controls is practiced within companies around the world.

What adjusting entry is required as of June : An electricity bill of $550 for June has not been recorded and will not be paid until next month. What adjusting entry is required as of 30 June

Secure windows applications policy : One of the security improvements for the Always Fresh IT environment is to ensure all workstations and servers run secure applications.

Construct a black box model for your model world : Construct a black box model (the model) for your model world. Clearly identify your variables and performance measures

What adjusting entry is required at the end of June : Invoices representing $5000 of services performed during the month have not been recorded as of June 2019. What adjusting entry is required at the end of June

Blockchain-based student transcript concept : Be creative, but make sure it relates directly to the blockchain-based student transcript concept previously distributed.

What adjusting entry is required as of June : An electricity bill of $550 for June has not been recorded and will not be paid until next month. What adjusting entry is required as of 30 June

Prepare entries for the debt service fund : The budget also included an estimated transfer in of $6,400 from the capital projects fund. Prepare entries for the debt service fund for 20X2

Considering returning to school to earn degree : How would you describe academic writing to a co-worker who is considering returning to school to earn their degree?

User Account

All Pages