earned revenues of $15000 and incurred expenses

Depreciation on the equipment for 2020 is NT$1,000.Ĥ. A count of supplies on December 31, 2020, indicates that supplies of NT$900 are onģ. Hwang borrowed NT$10,000 by signing a 9%, one‐year note on September 1, 2020.Ģ. The information below has been gathered at December 31,ġ. Prepare adjusting entries from selected data****.Īll the accounts have normal balances. has the following balances in selected accounts on December 31, Identify what type of adjusting entry (prepaid expense, unearned revenue, accrued expense, orĪccrued revenue) is needed in each situation at December 31, 2020.Īnswer E3. Yilmaz borrowed 12,000 on October 1, 2020, signing an 8% one₺ ‐year note payable. Yilmaz purchased equipment on Januthe equipment will be used for 5 years.ġ1.

Yilmaz purchased 900 of supplies in 2020 at year₺ ‐end, ₺400 of supplies remain unused.ġ0. Yilmaz paid cash for an expense and recorded an asset until the item was used up.ĩ. Not billed the client for services provided of 1,200.₺Ĩ. Yilmaz performed consulting services for a client in December 2020. Yilmaz received cash for future services and recorded a liability until the service was performed.ħ. Yilmaz paid 2,800 rent on December 1 for the 4 months starting December 1.₺Ħ. Yilmaz performs services for customers but has not yet received cash or recorded theĥ. Yilmaz's employees worked 3 days in 2020 but will not be paid until 2021.Ĥ. Yilmaz incurs utility expense which is not yet paid in cash or recorded.ģ. Yilmaz collects 1,300 from a customer in 2020 for services to be performe₺ d in 2021.Ģ. Identify the type of adjusting entry needed****.ġ.

Earned revenues of $15000 and incurred expenses