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ACTG3000 Davis Online Fall 2020 Riyam Cheko & | 09/25/20 8:12 PM Test: Exam 2 (CH3-4) Time Remaining: 01:07:06 Submit Test This Question: 15 pts 2 of 20 (0 complete) This Test: 110 pts possible Question Help Consider the following independent situations at December 31: i (Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. On July 1, a business collected $7,200 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. At December 31, the business must account for the amount of rent it has earned. Date Accounts and Explanation Debit Credit (a) Dec. 31 b. Salaries expense is $1,700 per day-Monday through Friday-and the business pays employees each Friday. This year December 31 falls on a Thursday. Date Accounts and Explanation Debit Credit (b) Dec. 31 c. The unadjusted balance of the Office Supplies account is $3,300. Office supplies on hand total $1,600. Date Accounts and Explanation Debit Credit (c) Dec. 31 Choose from any list or enter any number in the input fields and then continue to the next question. ?ACTGSOOO Davis Online Fall 2020 Riyam Cheko A | 09/25/20 8:12 PM Time Remaining: 01:06:56 Submit Test ( 2 of 20 (0 complete) V } Thi$ T681: 110 pts possible E Question Help 6' Consider the following independent situations at December 31: 0 (Click the icon to view the situations.) Joumalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. (Record debits rst, then credits. Select the explanation on the last line of the journal entry table.) c. The unadjusted balance of the Ofce Supplies account is $3,300. Office supplies on hand total $1,600. Accounts and Explanation Credit On July 1, a business collected $7,200 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. On December 31, the business must account for the amount of rent it has earned. Salaries expense is $1 ,700 per dayMonday through Fridayand the business pays employees each Friday. This year December 31 falls on a Thursday. The unadjusted balance at the Ofce Supplies account is $3,300. Oice supplies on hand total $1,600. Equipment depreciation was $400. On April 1, when the business prepaid $4,320 for a two-year insurance policy. the business debited Prepaid Insurance and credited Cash. ' rPrint '- d. Equipment depreciation was $400. Accounts and Explanation (d) Dec. 31 e. On April 1, when the business prepaid $4,320 for a two-year insurance policy, the business debited Prepaid Insurance and credited Cash. Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. ACTG3000 Davis Online Fall 2020 Riyam Cheko & | 09/25/20 8:13 PM Test: Exam 2 (CH3-4) Time Remaining: 01:06:51 Submit Test This Question: 15 pts 2 of 20 (0 complete) This Test: 110 pts possible Question Help Consider the following independent situations at December 31: i (Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit (c) Dec. 31 i More Info - X a. On July 1, a business collected $7,200 rent in advance, debiting Cash and crediting Unearned d. Equipment depreciation was $400. Revenue. The tenant was paying one year's rent in advance. On December 31, the business must account for the amount of rent it has earned. Date Accounts and Explanation Debit Credit b. Salaries expense is $1,700 per day-Monday through Friday-and the business pays (d) Dec. 31 employees each Friday. This year December 31 falls on a Thursday. The unadjusted balance of the Office Supplies account is $3,300. Office supplies on hand total $1,600. d. Equipment depreciation was $400. e. On April 1, when the business prepaid $4,320 for a two-year insurance policy, the business debited Prepaid Insurance and credited Cash. e. On April 1, when the business prepaid $4,320 for a two-year insurance policy, the business debited Prepaid Insurance al Print Done Date Accounts and Explanation Debit Credit (e) Dec. 31 Choose from any list or enter any number in the input fields and then continue to the next
