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The listing below represents an excerpt of the unadjusted trial balance for The Drake Hotel as at December 3 1 , 2 0 1 8
The listing below represents an excerpt of the unadjusted trial balance for The Drake Hotel as at December The business uses a perpetual inventory system. tableAccount Name,Debit,CreditCashAccounts Receivable,Allowance for Doubtful Accounts,,InventoryPrepaid Insurance,Prepaid Rent,Property Plant & Equipment,Accumulated Depreciation PP&EAccounts Payable,,Bonds Payable,,Unearned Rent Revenue,,Common Stock,,Retained Earnings,,SalesRental Revenue,,Cost of Goods Sold,Salaries & Wages,Interest Expense,,Warehouse Rent Expense,, Instructions Prepare all adjusting entries in general journal form using the information below. Be sure to show your calculations and descriptions to obtain full marks. @ a On November Riri, the bookkeeper, received $ rent from a lessee for an month lease beginning on that date. She credited Unearned Rental Revenue for the full amount. Record the adjustment required on December for the months of earned revenue. b Riri estimates that of the Accounts Receivable balances on December will become uncollectible. Record the adjustment to the Allowance account required on December to reflect this. c A physical count of inventory was completed on December and showed only $ on hand. Record the adjusting entry using the Cost of Goods Sold account. d The Prepaid Insurance account represents a year term, taken out on April Record the entry to expense the portion of the policy which has expired.
The listing below represents an excerpt of the unadjusted trial balance for The Drake Hotel as at December The business uses a perpetual inventory system.
tableAccount Name,Debit,CreditCashAccounts Receivable,Allowance for Doubtful Accounts,,InventoryPrepaid Insurance,Prepaid Rent,Property Plant & Equipment,Accumulated Depreciation PP&EAccounts Payable,,Bonds Payable,,Unearned Rent Revenue,,Common Stock,,Retained Earnings,,SalesRental Revenue,,Cost of Goods Sold,Salaries & Wages,Interest Expense,,Warehouse Rent Expense,,
Instructions
Prepare all adjusting entries in general journal form using the information below. Be sure to show your calculations and descriptions to obtain full marks. @
a On November Riri, the bookkeeper, received $ rent from a lessee for an month lease beginning on that date. She credited Unearned Rental Revenue for the full amount. Record the adjustment required on December for the months of earned revenue.
b Riri estimates that of the Accounts Receivable balances on December will become uncollectible. Record the adjustment to the Allowance account required on December to reflect this.
c A physical count of inventory was completed on December and showed only $ on hand. Record the adjusting entry using the Cost of Goods Sold account.
d The Prepaid Insurance account represents a year term, taken out on April Record the entry to expense the portion of the policy which has expired.
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