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Service Pro Corp (SPC) is preparing adjustments for its september 30 year-end. For the following transactions and events, show the september 30...
Service Pro Corp (SPC) is preparing adjustments for its september 30 year-end. For the following transactions and events, show the september 30 adjusting entries that SPC would make.
a. Prepaid Insurance shows a balance of zero at September 30, but Insurance Expense shows a debit balance of $2340, representing the cost of a three-year fire insurance policy that was purchased on September 1 of the current year.
b. On August 31 of this year, Cash was debited and Service Revenue was credited for $1500. The $1500 related fees for a three-month period beginning september 1 of the current year.
Please I need a thorough explanation because I have a midterm tomorrow and I do not get this kind of adjustment
