Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Jenkins Rentals Company faced the following situations a. The business has interest expense of 52,900 that it must pay early in January 2017 b. Interest
Jenkins Rentals Company faced the following situations a. The business has interest expense of 52,900 that it must pay early in January 2017 b. Interest revenue of $4,300 has been earned but not yet received. c. On July 1. 2016, when the business collected $12,300 rent in advance, it debited Cash and credited Uneaned Rent Revenue. The tenant was paying for two years rent. d. Salary expe s .200 per day-Monday through Friday-and the business pays employees each Friday. For the purpose of this calculation, assume December 31 falls on a Thursday e. The unadjusted balance of the Supplies account is $2,700. The total cost of supplies on hand is $1,400 f. Equipment was purchased on January 1 of this year at a cost of $160,000. The equipment's useful life is five years There is no residual value. Record depreciation for this year and then determine the equipment's book value from the following list select what is debited and credited, and the amounts, from a-f Accumulated Depreciation Equipment Cash Depreciation Expense-Equipment Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Prepaid Insurance Rent Revenue Salary Expense Salary Payable a. The business has interest expense of $2,900 that it must pay early in January 2017 Journal Entry Debit Credit b. Interest revenue of S4.300 has been eamed but not yet received. Journal Entry Debit Credit Supplies Expense Uneaned Rent Revenue c. On July 1, 2016, when the business collected S 12.300 rent in advance, it debited Cash and credited Unearned Rent Revenue. The tenant was paying for two years' rent Journal Entry Accounts Debit Credit C. d. Salary expense is $6,200 per day-Monday through Friday-and the business pays employees each Friday. For the purpose of this calculation, assume December 31 falls on a Thursday. Journal Entry Accounts Debit Credit d. e. The unadjusted balance of the Supplies account is $2,700. The total cost of supplies on hand is 51,400 Journal Entr Debit Credit f. Equipment was purchased on January 1 of this year at a cost of S160,000. The equipment's useful life is five years. There is no residual value. Record depreciation for this year and then determine the equipment's book value Journal Entry Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started