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a. Sunset Vineyards delivered $60,000 of wine in September to customers who paid in August.
b. During September Sunset Vineyards used $12,000 worth of glass bottles from its inventory of supplies.
c. Sunset Vineyards owes $8,000 in wages to its employees at the end of September. Because Sunset pays employees bi-weekly, these wages will not be paid until the first week in October.
d. Sunset Vineyards shipped $125,000 of wine to its wholesale customers in September. These customers are billed and pay those bills in October.
e. Sunset Vineyards has a balance of pre-paid insurance of $12,000 at the beginning of September. $4,000 of that insurance was used in September.
I got
a. Converting Liabilities to Revenue
b. Converting Liabilities to Revenue
c. Accruing Unpaid Expenses
d. Accruing Uncollected Revenue
e. Converting Assets to Expenses
Is that right? if not please correct, me thank you
b. During September Sunset Vineyards used $12,000 worth of glass bottles from its inventory of supplies.
c. Sunset Vineyards owes $8,000 in wages to its employees at the end of September. Because Sunset pays employees bi-weekly, these wages will not be paid until the first week in October.
d. Sunset Vineyards shipped $125,000 of wine to its wholesale customers in September. These customers are billed and pay those bills in October.
e. Sunset Vineyards has a balance of pre-paid insurance of $12,000 at the beginning of September. $4,000 of that insurance was used in September.
I got
a. Converting Liabilities to Revenue
b. Converting Liabilities to Revenue
c. Accruing Unpaid Expenses
d. Accruing Uncollected Revenue
e. Converting Assets to Expenses
Is that right? if not please correct, me thank you
What type of adjusting entries would these be?
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