Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please I have no idea. HELPPPPPPP. My professor wants Increasing or DeacrisingaND DEBIT OR CRETIT COMMENtS What accounts are involved? What is the classifcation of

image text in transcribed

Please I have no idea. HELPPPPPPP. My professor wants Increasing or DeacrisingaND DEBIT OR CRETIT COMMENtS

What accounts are involved? What is the classifcation of each account? Is the account value increasing or decreasing? On what side does the account increase or decrease?

GENERAL JOURNAL
Date Accounts and Explanation Debit Credit
E3-22 Journalizing adjusting entries Lear Consider the following independent situations at December 31: a. On October 1, a business collected $3,000 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. On December 31, the business must account for the amount of rent it has carned b. Salaries expense is $1,800 per day-Monday through Friday-and the business pays employees each Friday. This year, December 31 falls on a Thursday. c. The unadjusted balance of the Office Supplies account is $3,000. Office supplies on hand total $1,900. d. Equipment depreciation was $500. e. On April 1, when the business prepaid $4,320 for a two-year insurance policy, the business debited Prepaid Insurance and credited C Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. Decenbes e journal ented

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_2

Step: 3

blur-text-image_3

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

Mastering Cloud Auditing A Comprehensive Guide To Learn Cloud Auditing

Authors: Cybellium Ltd, Kris Hermans

1st Edition

B0CHL8DYC7, 979-8861283809

More Books

Students also viewed these Accounting questions

Question

What are some of the issues in doing program evaluation?

Answered: 1 week ago