Homework: Homework - Chapter 03 Save 2 of 5 (0 complete) Score: 0 of 2 pts E3-18A (similar to) HW Score: 0%, 0 of 10 pts Question Help Joumalize the adjusting entry needed at May 31, the fiscal year-end, for each of the following independent situations. No other adjusting entries have been made for the year. (Record debits first, then credits. Exclude explanations from anyjournal entries.) Click the icon to view the transactions.) a. On March 1, $4,500 rent was collected in advance. Cash was debited and Uneamed rent revenue was credited. The tonant was paying six months' rent in advance Journal Entry Accounts Date Debit Credit Choose from any list or enter any number in the input fields and then click Check Answer Kehlani 5 parts 5 remaining Clear All Check Answer ZU v moto milar to) usting entry needed at May 31, the fiscal year-end, for each of the following independent situations. No other adjusting entries hi debits first, then credits. Exclude explanations from any journal entries.) to view the transactions.) 4.500 A More Info a. On March 1, $4,500 rent was collected in advance. Cash was debited and Unearned rent revenue was credited. The tenant was paying six months' rent in advance. b. The business holds a $5,000 note receivable. Interest revenue of $920 has been earned on the note but not yet received c. Salaries expense is $1,700 per day, Monday through Friday, and the business pays employees each Friday This year, May 31 falls on a Thursday. d. The unadjusted balance of the Supplies account is $1,300. Supplies on hand total $1,000. e Equipment was purchased two years ago at a cost of $25,000. The equipment's useful life is ten years. f. On November 1, when $1,488 was paid for a one-year Insurance policy. Prepaid insurance was debited and Cash was credited Print Done urnalize the adjusting entry needed at May 31, the fiscal year-end, for each of the following e year. (Record debits first, then credits. Exclude explanations from any journal entries.) (Click the icon to view the transactions.) On March 1, $4,500 rent was collected in advance. Cash was debited and Unearned rent re Journal Entry Date Accounts Debit Credit May Accounts payable Accounts receivable Accumulated depreciation Cash Depreciation expense Equipment Insurance expense Interest receivable Interest revenue Prepaid insurance Rent revenue Salaries expense Salaries payable Supplies Supplies expense Unearned rent revenue then click Check Answer. 5 parts remaining Clear All