Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

*Question 1.13 The balance in the prepaid rent account before adjustment at the end of the year is $32,000, which represents four month's rent paid

image text in transcribed
*Question 1.13 The balance in the prepaid rent account before adjustment at the end of the year is $32,000, which represents four month's rent paid on December 1. The adjusting ent December 31 is: 2 points ry required on debit Prepaid Rent, $8,000; credit Rent Expense, S8,000 O debit Rent Expense, $24.000 credit Prepaid Rent, s8,000 O debit Prepaid Rent, $24,000; credit Rent Expense, $8,000. O debit Rent Expense, $8,000, credit Prepaid Rent, $8,000 Question 1.14 2 points The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is: O debit Uneamed Gym Memberships, credit Prepaid Gym Memberships. o debit Unearned Gym Memberships; credit Gym Memberships Revenue. O debit Gym Memberships Revenue, credit Unearned Gym Memberships. O debit Gym Memberships Expense, credit Uneamed Gym Memberships k Question 1.15 There are twa closing entries. The first one is to close the second one is to close 2 points O revenues, expenses and the drawing account O revenues, expenses O the drawing account, revenues O revenues and expenses, the drawing account

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

Accounting and Auditing Research Tools and Strategies

Authors: Thomas Weirich, Thomas Pearson, Natalie Tatiana

9th edition

1119441915, 1119441919, 978-1-119-3737, 9781119373629 , 978-1119441915

More Books

Students also viewed these Accounting questions

Question

Th e person I wanted to complain about might have lost her job.

Answered: 1 week ago

Question

Th ey would have been rude to me.

Answered: 1 week ago

Question

Who knows? Th ey might have spit in my food in the kitchen.

Answered: 1 week ago