Homework Answers
| Adjusting journal entries | ||||||
| 10 | Date | Dr/Cr | Particulars | Debit $ | Credit $ | |
| Debit | Unearned service fees | 2,000 | ||||
| Credit | Service fees | 2,000 | ||||
| (To record the accrual of 1/3rd of service fees of $ 6,000 at the end of the reporting period) | ||||||
| 11 | Date | Dr/Cr | Particulars | Debit $ | Credit $ | |
| December 31 | Debit | Unearned rental income | 2,000 | |||
| Credit | Rental income | 2,000 | ||||
| (To record the rental income for the month of December | ||||||
| 12 | Date | Dr/Cr | Particulars | Debit $ | Credit $ | |
| December 31, 2016 | Debit | Rent expenses | 8,700 | |||
| Credit | Prepaid rent | 8,700 | ||||
| (To record the rent expense from July to December 2016) | ||||||
| =34,800/24months*+6months | ||||||
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