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please help Fill in the blanks with the correct Account Names and Debit/Credit Amounts for the following Journal Entries: For Account Names, use the Chart
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Fill in the blanks with the correct Account Names and Debit/Credit Amounts for the following Journal Entries: For Account Names, use the Chart of Accounts to choose the appropriate Account Name. Accounts must be spelled exactly how they appear in the Chart to get credit For Debit/Credit Amounts. use the following numeric format: 12345 (no dollar signs, no commas). Chart of Accounts Assets Stockholders' Equity Cash Contributed Capital Dividends Accounts Receivable Inventory Supplies Sales Prepaid Rent Depreciation Expense Equipment Accumulated Depreciation Rent Expense Supplies Expense Labilities Accounts Payable Wages Expense Utilities Expense Notes Payable Active Journal Entries 1. On January 1, ABC Company paid $6,000 cash for rent for the next 6 months. Debit Account Name Credit Account Name Debit Amount Credit Amount S $ 2. On January 1, ABC Company purchased Equipment for $12,500 in cash. Debit Account Name Credit Account Name Debit Amount Credit Amount $ $ 3. On January 5, ABC Company purchased Supplies on account for $200. Debit Account Name Credit Account Name Debit Amount Credit Amount s Passive Journal Entries Passive Journal Entries 1. On January 31, ABC Company made the passive journal entry to account for 1 month of rent Chint: Part of Prepaid Rent has expired) Debit Account Name Credit Account Name Debit Amount Credit Amount $ $ 2. On January 31, ABC Company makes the passive journal entry to account for the depreciation expense of the Equipment they purchased on January 1. The equipment had an original cost of $12,500 and a useful life of 10 years and a salvage value of $500. Debit Account Name Credit Account Name Debit Amount Credit Amount $ 3. On January 31, ABC Company found they had $75 worth of Supplies (Supplies were initially $200) Debit Account Name Credit Account Name Debit Amount Credit Amount $ On January 1. Rutgers Magazines received $600 for annual subscriptions to its magazine. They made the following lincorrect) journal entry: January 1 Dr. Cash $600 Cr. Revenue $600 Which of the following is true concerning Rutgers Magazines financial statements on January 31 because of this mistake? Choose all that apply Assets are overstated by $600 Liabilities are overstated by $600 Revenues are overstated by $550 Expenses are not affected There is no mistakeStep by Step Solution
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