Journalize the adjusting entries-unearned revenue


AlChem has the following unadjusted trial balance:

Cash $36,578
Accounts receivable 8,902
Prepaid insurance 20,389
Prepaid rent 28,600
Supplies 9,355
Accounts payable $40,344
Unearned revenue 76,209
Retained earnings 10,840
Various expenses 23,569

Adjusting Information:

Prepaid rent of $28,600 was paid on September 1 and represents an 18-month lease.

Prepaid insurance of $20,389 was paid on July 1 for a one-year policy.

Supplies on hand as of 12/31 were $2,899.

40% of unearned revenue was earned during the year.

Journalize the adjusting entries as of December 31,2012. Explanations are not required.

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: Journalize the adjusting entries-unearned revenue
Reference No:- TGS041258

Expected delivery within 24 Hours