Question
Journalize the adjusting entry needed at JulyJuly 31, the fiscal year-end, for each of the following independent situations. No other adjusting entries have been made
Journalize the adjusting entry needed at
JulyJuly
31, the fiscal year-end, for each of the following independent situations. No other adjusting entries have been made for the year. (Record debits first, then credits. Exclude explanations from any journal entries.)
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a. On
MayMay
1,
$ 5 comma 400$5,400
rent was collected in advance. Cash was debited and Unearned rent revenue was credited. The tenant was paying six months' rent in advance.
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Intermediate Accounting
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
11th edition
978-0538467087, 9781111781262, 538467088, 1111781265, 978-0324659139
