Question Accrual AccountingAdjustments
A prepare yearend adjustments for the following transactions Narrations are not required
Revenues received in advance now earned, $
Four ears rent totalling $ was just paid in advance and correctly recorded at the beginning of the year.
Services totalling $ had been performed but not yet invoiced at the end of the year.
Depreciation on vehicle totalled $ for the year.
Supplies for use totalled $ By year end, only $ in supples remained.
Salaries owed to employees at the end of the year totalled $
b Briefly explain why a business should record adjusting entries
