Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journalize the adjusting entry needed at December 31 for each of the following independent situations. (Click the icon to view the situations.) Accounts Debit Credit

image text in transcribed

Journalize the adjusting entry needed at December 31 for each of the following independent situations. (Click the icon to view the situations.) Accounts Debit Credit C More Info b. Record the interest revenue earned, but not yet received. Journal Entry Accounts a. On May 1, when we collected $66,000 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. Interest revenue of $4 200 has been earned but not yet received on a $45,000 note receivable held by the business c. Salary expense is $8.100 per day-Monday through Fridayand the business pays employees each Friday. This year December 31 falls on a Wednesday. d. Equipment was purchased last year at a cost of $400,000. The equipment's useful life is five years. It will have no value after five years. Record the years amortization. e. On March 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 $8,000 that it will pay early in the next period g. The unadjusted balance of the Supplies account is $18.000 The total cost of supplies remaining on hand on December 31 is $7.500 Debit Credit Print Done Choose from any list or enter any number in the input fields and then continue to the nexe

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

Contemporary Auditing Real Issues And Cases

Authors: Michael C. Knapp

7th Edition

0324658052, 978-0324658057

More Books

Students also viewed these Accounting questions