can you answer it with an explanations, please! E3-4 Yilmaz vilmaz A.. encounters...
50.1K
Verified Solution
Link Copied!
Question
Accounting
can you answer it with an explanations, please!
E3-4 Yilmaz vilmaz A.. encounters the following situations: Identi moz collects t1,750 from a customer in 2017 for services to be performed in 20 adjus vilmaz incurs utility expense which is not yet paid in cash or recorded. (LO Vilmaz employees worked 3 days in 2017 but will not be paid until 2018. u Yilmaz performs services for a customer but has not yet received cash or recorded the transaction. 5 Yilmaz paid +2,400 rent on December 1 for the 4 months starting December 1. 6. Yilmaz received cash for future services and recorded a liability until the service was performed. 7. Yilmaz performed consulting services for a client in December 2017. On December 31, it had not billed the client +1,200 for these services. 8. Yilmaz paid cash for an expense and recorded an asset until the item was used up. 9. Yilmaz purchased +750 of supplies in 2017; at year-end, +400 of supplies remain unused. 10. Yilmaz purchased equipment on January 1, 2017; the equipment will be used for 5 years. 11. Yilmaz borrowed +10,000 on October 1, 2017, signing an 8%, 1-year note payable. Instructions Identify what type of adjusting entry (prepaid expense, unearned revenue, accrued expense, " accrued revenue) is needed in each situation at December 31, 2017, u ing balances in selected accounts on December 31, 2017
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!