On October 1, Year 2, Stokes Company paid Eastport Rentals $4,800 for a 12-month lease on...
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On October 1, Year 2, Stokes Company paid Eastport Rentals $4,800 for a 12-month lease on warehouse space. Required: a. Record the deferral and the related December 31, Year 2, adjustment for Stokes Company in the accounting equation. b. Record the deferral and the related December 31, Year 2, adjustment for Eastport Rentals in the accounting equation. Complete this question by entering your answers in the tabs below. Required A Required B Record the deferral and the related December 31, Year 2, adjustment for Eastport Rentals in the accounting equation. Note: Do not round intermediate calculations. Enter any decreases to account balances with a minus sign. Leave cells blank if no input is needed. Event Received 12 months rent Earned 3 months rent EASTPORT RENTALS Accounting Equation - Year 2 Assets = Liabilities + Stockholders' Equity Cash = Unearned Revenue Common Retained + + Stock Earnings + + + + < Required A Required B On October 1, Year 2, Stokes Company paid Eastport Rentals $4,800 for a 12-month lease on warehouse space. Required: a. Record the deferral and the related December 31, Year 2, adjustment for Stokes Company in the accounting equation. b. Record the deferral and the related December 31, Year 2, adjustment for Eastport Rentals in the accounting equation. Complete this question by entering your answers in the tabs below. Required A Required B Record the deferral and the related December 31, Year 2, adjustment for Eastport Rentals in the accounting equation. Note: Do not round intermediate calculations. Enter any decreases to account balances with a minus sign. Leave cells blank if no input is needed. Event Received 12 months rent Earned 3 months rent EASTPORT RENTALS Accounting Equation - Year 2 Assets = Liabilities + Stockholders' Equity Cash = Unearned Revenue Common Retained + + Stock Earnings + + + + < Required A Required B
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1 Stokes Companys Perspective Transaction on October 1 Year 2 Paid 4800 for a 12month lease on wareh... View the full answer
Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
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