Question
Please help me with this accounting problem. Determine which of the following events require an adjusting entry at the end of the current one month
Please help me with this accounting problem.
Determine which of the following events require an adjusting entry at the end of the current one month period. Do not determine the amount of the adjustment. However, DO specify the accounts that would require adjustment and if they would be debited or credited.
a. Paid rent for one year in advance.
b. Purchased a new work car.
c. Made a cash sale to a customer.
d. Made a sale to a customer on account.
e. Purchased $500 of office supplies on open account.
f. Received $5,000 cash from a customer for services to be performed three months from now.
g. Paid $50 cash for gas to put in the delivery truck.
h. Borrowed $4200 cash from a bank at a 20% interest rate, payments due on the 15th of each month.
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