Question

In: Accounting

Assignment: Complete the entries. I am unsure on how to do these. 12/31/2018-On December 15, Anniston...

Assignment:

Complete the entries.

I am unsure on how to do these.

12/31/2018-On December 15, Anniston contracted to perform services for a client and recorded the amount received as Unearned Revenue (amount $1,560). As of December 31, Anniston has earned 60% of this Unearned Revenue.

12/31/2018-Anniston prepaid two months of rent on December 1 ($1,450). This was debited to Prepaid Rent and is included in the Trial Balance.

12/31/2018 A physical count of supplies revealed an ending balance of $500.

12/31/2018 Anniston purchased the Equipment included on the Trial Balance on 12/1/16. The equipment has a residual value of $1,000 and is expected to last a total of 10 years. Anniston last recorded depreciation of this equipment on 12/31/17.

12/31/2018 Anniston received a bill for December's online advertising, $1,100. Anniston will not pay the bill until January (Anniston uses Accounts Payable for unpaid advertising).

12/31/2018Anniston pays its employees on Monday for the previous week's wages. Its employees earn $3,500 for the five-day workweek. December 31 falls on a Wednesday this year.

12/31/2018 On October 1, Anniston agreed to provide a four-month air system check beginning that day. The customer agreed to pay a total of $3,400 at the end of the four month service contract. As of December 31, Anniston has completed all work as necessary, but has not recorded any revenue to date.

Solutions

Expert Solution

Note(1) depreciation amoamount will be the same as provided in the trial balance as on 12/31/2018


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