In: Accounting
Journal entries for the following scenarios:
2/29/2020 | Defer revenue | Phone Consulting services recorded on invoice #1009 for $875 for Rooney Enterprises were deemed unearned as of 2/28/2020. Use journal entry 15 to defer this revenue. | |
2/29/2020 | Accrue depreciation | Depreciation Expense of $1,700 ($850, $500, and $350 for Building, Furniture & Fixtures, and Machinery & Equipment, respectively). Use journal entry 17 to record this depreciation. | |
2/29/2020 | Accrue revenue | Phone Consulting services of $3,500 were performed on 2/28/2020 for a new customer, Rigel Works, but not invoiced or recorded into the accounting records. Use journal entry 18 to accrue this revenue. |
Account Titles | Debit | Credit |
Cash | $ 875 | |
Deferred Revenue | $ 875 | |
Deferred Revenue | $ 210 | |
Consulting Service Revenue | $ 210 | |
Depreciation Expense | $ 1,700 | |
Accumulated Depreciation - Building | $ 850 | |
Accumulated Depreciation - Furniture | $ 500 | |
Accumulated Depreciation - Machinery | $ 350 | |
Accounts Receivable | $ 3,500 | |
Consulting Service Revenue | $ 3,500 |