Question

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

Answer 1

Solution:

Journal Entries
Date	Particulars	Debit	Credit
31-May	Unearned rent revenue Dr	$2,250.00
	To Rent revenue		$2,250.00
	(To record rent revenue)
31-May	Interest receivables Dr	$920.00
	To Interest revenue		$920.00
	(To record interest revenue)
31-May	Salaries expense Dr	$6,800.00
	To Salaries payable		$6,800.00
	(To record salaries accrued)
31-May	Supplies expense dr	$300.00
	To Supplies		$300.00
	(To record supplies expense)
31-May	Depreciation expense Dr	$2,500.00
	To Accumulated depreciation - Equipment		$2,500.00
	(To record depreciation expense)
31-May	Insurance expense Dr	$868.00
	To Prepaid insurance		$868.00
	(To record insurance expense)