Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a. On September 1, when we collected $48,000 rent in advance, we debited Cash and credited Unearned Rent Revenue. The tenant was paying one year's

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
a. On September 1, when we collected $48,000 rent in advance, we debited Cash and credited Unearned Rent Revenue. The tenant was paying one year's rent in advance. At December 31, we must account for the amount of rent we have earned. b. Interest revenue of $3,000 has been earned but not yet received on a $80,000 note receivable held by the business c. Salary expense is $9,300 per day Monday through Friday and the business pays employees each Friday. This year December 31 falls on a Wednesday d. Equipment was purchased last year at a cost of $375,000. The equipment's useful life is five years. It will have no value after five years. Record the year's amortization e. On August 1, when we paid $6,000 for a one-year insurance policy, we debited Prepaid Insurance and credited Cash f. The business owes interest expense of $8,600 that it will pay early in the next period. g. The unadjusted balance of the Supplies account is $16,500. The total cost of supplies remaining on hand on December 31 is $8,000. This question portes posible mit Test Jaunate the adjusting entry needed at December 31 for each of the following independent stations Click the loon to view the situations) a. Record the transaction for namedrent revenue samed (Round your answer to the nearest whole dollar. Record debits first, the credite Select the nation on the last time journal entry table) Journal Entry Accounts Debit Credit b. Record the interest revenue samed, but not yet received Journal Entry Accounts Debi Credit b c. Record the employee salaries owed Journal Entry Question 1 of 20 This best 70 popote This tin: 14 popote Bu test Jom the coming yet at December 31 reach of the fewegingendent station Click the icon to view the sustions) - Record the center and an ene arred Round your answer to the man whole dotar Record it frat, then credit delect the plantion on the last line of the formal andeye! Journal Account Dean Crear Record the newed but not received Journal Ewy Account Det Gra c. Record the employee owed Journal Entry The maig Nest Mostly cloudy PINHA Sound the dig entry meded at Dober 31 breach Previous euention Chick the loan to view the fution) Record the employee salaries we Journal Entry Accounts Det Crede a record the more Jountry Acco C Record the found your answer to the whole dolar Ja Ery Account Date C 0 Medina This is not The 14 Subs = Test: Term Test 2 Chapter 3 and 4 F... Question of 30 Jaume way needed Decanter Previous quito click on be view estos) Record the con Round your new to the nearest whole Journal Account Det t. Record the respond Jurnal Entry Account Debat Cree g. Record that the Journal Telen Net Journal Entry Accounta Det Credit g. Record the adjustment to the supplies account Journal Entry Accounts Deba Credit Time Human Next MacBook Air 30 888 4

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

5th edition

9780470418239, 470239808, 9780470239803, 470418230, 978-1118128169

Students also viewed these Accounting questions