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23 October, 13:27

Prepare the adjusting entries on January 31.

1. Supplies on hand at October 31 total $530.

2. Expired insurance for the month is $125.

3. Depreciation for the month is $75.

4. As of October 31, services worth $920 related to the previously recorded unearned revenue had been performed.

5. Services performed but unbilled (and no receivable has been recorded) at October 31 are $330.

6. Interest expense accrued at October 31 is $80.

7. Accrued salaries at October 31 are $1,460.

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  1. 23 October, 14:06
    0
    The Journal entry is shown below:-

    1. Supplies A/c Dr, $530

    To supplies expenses $530

    (Being supplies on hand is recorded)

    2. Insurance Dr, $125

    To Prepaid insurance $125

    (Being Insurance for the month is recorded)

    3. Depreciation Dr, $75

    To Accumulated depreciation $75

    (Being depreciation is recorded)

    4. Unearned revenue Dr, $920

    To service revenue $920

    (Being unearned revenue is recorded)

    5. Accounts receivable Dr, $330

    To service revenue $330

    (Being service accounts receivable is recorded)

    6. Interest expenses Dr, $80

    To Interest payable $80

    (Being interest expense is recorded)

    7. Salaries expense Dr, $1460

    To Salary payable $1460

    (Being salary expense is recorded)
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