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In: Accounting

Journal entries for the following scenarios: 2/29/2020 Defer revenue Phone Consulting services recorded on invoice #1009...

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.

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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

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