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Consider the following independent situations at December 3 1 : On July 1 , a business collected $ 6 , 6 1 0 rent in
Consider the following independent situations at December :
On July a business collected $ rent in advance, debiting Cash and
crediting Unearned Revenue.
a The tenant was paying one year's rent in advance. On December the
business must account for the amount of rent it has earned.
Salaries expense is $ per dayMonday through Fridayand the
business pays employees each Friday. This year, December falls on a
Thursday.
The unadjusted balance of the Office Supplies account is $ Office
supplies on hand total $
Equipment depreciation was $
On October when the business prepaid $ for a twoyear insurance
policy, the business debited Prepaid Insurance and credited Cash.
Journalize the adjusting entry needed on December for each situation.
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