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Cash 10,000
Aug 31 2023 Equipment Expense 5,833.33 - income statement = revenue - expenses
Prepaid Supplies Expense 5,833.33 - balance sheet: asset = liabilities + equity
Jan 1 Cash 12,000
Unearned revenue 12,000
Dec 31 Unearned Revenue 12,000 - balance sheet
Revenue 12,000 - income statement
sales 1,000,000 600,000(.03)=18,000 bad debt expense 18,000 - income statement
cash 400,000 allowance for bad debts 18,000 - balance sheet
acc rec 600,000
3%
On June 1, 2020 ABM Corporation bills a customer for 100,000.00. The service were completed at the end of the year.
june 1 cash a/r 100,000
unearned revenue 100,000
On August 1, 2020 ABM Corporation pays 120,000 advance payment for 6-month rent. The company records this as prepaid expense.
aug 1 prepaid rent expense 120,000
cash 120,000
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