Prepare year-end adjustments for the following transactions. Omit explanations – MGMT 30A Midterm 1 Practice Exam

Prepare year-end adjustments for the following transactions. Omit explanations – MGMT 30A Midterm 1 Practice Exam

  1. Accrued interest on notes receivable is $30.
  2. $1,000 of unearned service revenue has been recognized.
  3. Three years’ rent, totaling $45,000, was paid in advance at the beginning of the year.
  4. Services totaling $2,900 had been performed but not yet billed at the end of the year.
  5. Depreciation on equipment totaled $6,500 for the year.
  6. Supplies purchased totaled $850. By year end, only $250 of supplies remained.
  7. Salaries owed to employees at the end of the year total $960.

Course: MGMT 30A – Principles of Accounting I
Assignment: Midterm 1 Practice Exam
School: University of California, Irvine

  • : 07/02/2017
  • : 3