Homework Answers
Answer:
|
Prepaid Rent Balance |
|
| a. Unadjusted trial balance at December 31,2018 | $34,500 |
| b. Adjusted trial balance at December 31,2018 | $23,000 |
|
Rent Expense Balance |
|
| a. Unadjusted trial balance at December 31,2018 | $0 |
| b. Adjusted trial balance at December 31,2018 | $11,500 |
Calculations:
Rent paid for 3 years is $34,500.
Rent expense for the year 2018= $34,500 ÷ 3 years = $11,500.
Balance in prepaid rent after rent expense for the year 2018 = $34,500 - $11,500 = $23,000
Add Answer to:
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Account
Debit
Credit
Cash
$19,000
Accounts
receivable
19,600
Supplies
3,000
Prepaid
rent
2,100
Equipment
37,000
Accumulated depreciation—equipment
$4,800
Accounts
payable
9,200
Interest
payable
1,050
Unearned
service revenue
1,000
Income
tax payable
2,400
Note
payable
18,000
Common
stock
15,000
Retained
earnings
5,000
Dividends
5,000
Service
revenue
99,050
Depreciation expense—equipment
1,900
Salary
expense
40,300
Rent
expense
11,000
Interest
expense
3,200
Insurance expense
3,800
Supplies
expense
2,100
Income
tax expense
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January 2018.
c. Supplies used during October, $200
d. Depreciation on computers for the month: The computers’
expected useful life is three years.
e. Accrued salary expense at October 31 for Monday through
Thursday; the five-day weekly payroll is $2,000.
Required:
Prepare the adjusting journal entries.
On the worksheet (draw...
Account
Debit
Credit
Cash
$19,000
Accounts
receivable
19,600
Supplies
3,000
Prepaid
rent
2,100
Equipment
37,000
Accumulated depreciation—equipment
$4,800
Accounts
payable
9,200
Interest
payable
1,050
Unearned
service revenue
1,000
Income
tax payable
2,400
Note
payable
18,000
Common
stock
15,000
Retained
earnings
5,000
Dividends
5,000
Service
revenue
99,050
Depreciation expense—equipment
1,900
Salary
expense
40,300
Rent
expense
11,000
Interest
expense
3,200
Insurance expense
3,800
Supplies
expense
2,100
Income
tax expense
7,500
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A.
Prepare an unadjusted trial balance for LYM, Inc as of December
31,2018
Begin by posting the adjusting journal entries to the t
accounts to obtain the adjusted balances. T accounts have been
opened using th balances from the unadjusted trial balance. Use the
adjusting journal entry numbers AJE1-AJE4 as posting references to
post each adjusting entry to the relevant accounts, then compute
the adjusted ending balance of each account.
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