1. Accounts Receivable. At year-end, the L. Cole Company has completed services of $20,500 for a client, but the client has not yet been billed for those services.
2. Interest Receivable. At year-end, the company has earned, but not yet recorded, $450 of interest earned from its investments in government bonds.
3. Accounts Receivable. A painting company bills customers when jobs are complete. The work for one job is now complete. The customer has not yet been billed for the $1,420 of work.

Required:
a. Determine what the current account balance equals.
b. Determine what the current account balance should equal.
c. Record an adjusting entry to get from a to b. Assume no other adjusting entries are made during the year.

Question

12-10-2020
Business

contestada

1. Accounts Receivable. At year-end, the L. Cole Company has completed services of $20,500 for a client, but the client has not yet been billed for those services.
2. Interest Receivable. At year-end, the company has earned, but not yet recorded, $450 of interest earned from its investments in government bonds.
3. Accounts Receivable. A painting company bills customers when jobs are complete. The work for one job is now complete. The customer has not yet been billed for the $1,420 of work.

Required:
a. Determine what the current account balance equals.
b. Determine what the current account balance should equal.
c. Record an adjusting entry to get from a to b. Assume no other adjusting entries are made during the year.

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Answer:

a. What the current balance in Accounts Receivable equals is to $0. The Current actual balance in Account receivable should equal the amount of service revenue earned but not received by the company. Hence, the balance should be $20,500

Adjusting Entries Debit Credit

Account receivable $20,500

Earned service revenues $20,500

(Revenue from services rendered to clients but not received

b. What the current balance in Interest Receivable equals to is $0. The current actual balance in Account receivable should equal the amount of Interest revenue earned but not received by the company. Hence, the balance should be $450

Adjusting Entries Debit Credit

Interest receivable $450

Interest revenue $450

c. What the current balance in Accounts Receivable equals to is $0. The current actual balance in Account receivable should equal the amount of service revenue earned but not received by the company. Hence, the balance should be $1,450

Adjusting Entries Debit Credit

Account receivable $1,450

Earned service revenues $1,450

(Revenue from services rendered to clients but not received recorded)