Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Each of the following independent events requires a year-end adjusting entry. a. Paid $9,700 cash in advance on July 1 for a one-year lease on

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Each of the following independent events requires a year-end adjusting entry. a. Paid $9,700 cash in advance on July 1 for a one-year lease on office space. b. Purchased $3,700 of supplies on account on April 15. At year-end, $180 of supplies remained on hand. c. Received a $8,600 cash advance on July 1 for a contract to provide services for one year beginning immediately. d. Paid $3,500 cash in advance on February 1 for a one-year insurance policy. Required Record each event and the related adjusting entry in general journal format. The first event is recorded as an example. Assume a December 31 closing date. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Date Account Titles Debit Credit July 1 Prepaid rent 9,700 Cash 9,700 December 31 Rent expense (9,700 6/12) Prepaid rent 4,850 4,850 View transaction list Journal entry worksheet 1 2 3 456 Record supplies purchase on account. Note: Enter debits before credits. Date Apr. 15 General Journal Debit Credit > Date Account Titles Debit Credit July 1 Prepaid rent 9,700 Cash 9,700 December 31 Rent expense (9,700 6/12) Prepaid rent 4,850 4,850 View transaction list Journal entry worksheet 1 2 3 456 Record adjusting entry for supplies expenses. Note: Enter debits before credits. Date Dec. 31 General Journal Debit Credit > View transaction list Journal entry worksheet Journal entry worksheet Record adjusting entry for unearned revenue. Note: Enter debits before credits. Date Dec. 31 General Journal Debit Credit Journal entry worksheet Journal entry worksheet 1 2 3 4 5 6 > Record adjusting entry for prepaid insurance. Note: Enter debits before credits. Date Dec. 31 General Journal Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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 Principles Part 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

6th Canadian edition

1118306783, 978-1118728918, 1118728912, 978-1118306789

More Books

Students also viewed these Accounting questions

Question

c. What type of degree does it offer?

Answered: 1 week ago