Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is list of accounts each represented by letter(s): Example of Answer: Where each box represents a journal entry line. In first box, G

image text in transcribed
image text in transcribed
The following is list of accounts each represented by letter(s): Example of Answer: Where each box represents a journal entry line. In first box, G denotes Cash account, 3000 is the amount, D stands for debit. In second box: B denotes Accounts Receivable account, 2000 is the amount, D stands for debit. And in third box: GG denotes Service Revenues, 5000 is the amount, and C stands for credit. The letters are in capital. Don't use dollar sign, decimal point, comma, or space in any place. If in an entry requires more than one debit or credit accounts, first enter debit accounts (in order of dollar amount - large amount to small amount), then the credit accounts (in order of dollar amount - large amount to small amount). Question: On September 1st, JP Company rented its new shop to Gina and collected $9,000 for 6 months: rent in advance. Provide the adjusting journal entry that JP Company should make on Dec. 31st of the-same year in regard to the above rent. Answer:- The following is list of accounts each represented by letter(s). Example of Answer: Where each box represents a journal entry line. In first box, G denotes Cash account, 3000 is the amount. D stands for debit. In second box: B denotes Accounts Recelvable account, 2000 is the amount, D stands for debit. And in third boce GG denotes Service Revenues, 5000 is the amount, and C stands for credit. The letters are in capital. Don't use dollar sign, decimal point, comma, or space in any place. If in an entry requires more than one debit or eredit accounts, ficst enter debit accounts (in order of dollar amount - large amount to small amount), then the credit accounts (in order of dollar amount - large amount to small amount). Question: On September 1ut.JP Company rented its new shep to Gina and collocted $9.000 for 6 months' rent in advance. Provide the adjusting foumal entry that JP Company should make on DeC.31"t of the same year in regard to the above rent

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

Auditing and Assurance Services A Systematic Approach

Authors: William Messier, Steven Glover, Douglas Prawitt

9th edition

1308361491, 77862333, 978-1259248290, 9780077862336, 1259162346, 978-1259162343

More Books

Students also viewed these Accounting questions

Question

Experimental mortality: Did participants drop out during the study?

Answered: 1 week ago

Question

What is job rotation ?

Answered: 1 week ago