Answer the following questions about prepaid expenses:
a. |
On
DecemberDecember 1,Air and SeaAir and Sea Tree Service prepaid$ 7 comma 800$7,800 for six months' rent. Give the adjusting entry to record rent expense atDecember 31.December 31. Include the date of the entry and an explanation. Then post all amounts to the two accounts involved, and show their balances atDecember 31.December 31. Air and SeaAir and Sea adjusts the accounts only atDecemberDecember 31, the end of its fiscal year. |
b. |
On
DecemberDecember 1,Air and SeaAir and Sea Tree Service paid$ 1 comma 050$1,050 for supplies. AtDecemberDecember 31,Air and SeaAir and Sea has$ 600$600 of supplies on hand. Make the required journal entry atDecemberDecember 31. Then post all amounts to the accounts and show their balances atDecemberDecember 31. Assume no beginning balance in supplies. |
a. On
DecemberDecember
1,
Air and SeaAir and Sea
Tree Service prepaid
$ 7 comma 800$7,800
for six months' rent. Give the adjusting entry to record rent expense at
December 31.December 31.
Include the date of the entry and an explanation. Then post all amounts to the two accounts involved, and show their balances at
December 31.December 31.
Air and SeaAir and Sea
adjusts the accounts only at
DecemberDecember
31, the end of its fiscal year.Prepare the adjusting journal entry to record the rent expense at
DecemberDecember
31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Journal Entry |
||||
Date |
Accounts and Explanations |
Debit |
Credit |
|
Dec 31 |
||||
Post the
DecemberDecember
1 and 31 transactions to the following T-accounts. Be sure to calculate the ending balance of the accounts.
Prepaid Rent |
Rent Expense |
|||||||||||
Dec |
Dec |
Dec |
Dec |
|||||||||
Bal |
Bal |
b. On
DecemberDecember
1,
Air and SeaAir and Sea
Tree Service paid
$ 1 comma 050$1,050
for supplies. At
DecemberDecember
31,
Air and SeaAir and Sea
has
$ 600$600
of supplies on hand. Make the required journal entry at
DecemberDecember
31. Then post all amounts to the accounts and show their balances at
DecemberDecember
31. Assume no beginning balance in supplies.Prepare the adjusting journal entry to record the supplies expense at
DecemberDecember
31.
Journal Entry |
||||
Date |
Accounts and Explanations |
Debit |
Credit |
|
Dec 31 |
||||
Post the
DecemberDecember
1 and 31 transactions to the following T-accounts. Be sure to calculate the ending balance of the accounts.
Supplies |
Supplies Expense |
|||||||||||
Dec |
Dec |
Dec |
Dec |
|||||||||
Bal |
Bal |
Air and Sea | |||
General,Journal | Debit | Credit | |
01-Dec | Prepaid Rent | $ 7,800.00 | |
To Cash | $ 7,800.00 | ||
(Being amount paid for prepaid rent) | |||
01-Dec | Supplies | $ 1,050.00 | |
To cash | $ 1,050.00 | ||
(Being amount paid for supplies) | |||
31-Dec | Rent Expense($7800/6)*1 | $ 1,300.00 | |
To Prepaid rent | $ 1,300.00 | ||
(Being amount of one month Rent) | |||
31-Dec | Supplies Expense($1050-$600) | $ 450.00 | |
To Supplies | $ 450.00 | ||
(Being amount of Supplies Expense) | |||
T-Accounts | |||
Prepaid Rent | |||
Date | Account Title & Explanation | Debit | Credit |
01-Dec | Cash | $ 7,800.00 | |
31-Dec | Rent Expense | $ 1,300.00 | |
31-Dec | Balance C/d | $ 6,500.00 | |
Total | $ 7,800.00 | $ 7,800.00 | |
Supplies | |||
Prepaid Rent | |||
Date | Account Title & Explanation | Debit | Credit |
01-Dec | Cash | $ 1,050.00 | |
31-Dec | Supplies Expense | $ 450.00 | |
31-Dec | Balance C/d | $ 600.00 | |
Total | $ 1,050.00 | $ 1,050.00 | |
Rent Expense | |||
Date | Account Title & Explanation | Debit | Credit |
31-Dec | Prepaid Rent | $ 1,300.00 | |
31-Dec | Balance C/d | $ 1,300.00 | |
Total | $ 1,300.00 | $ 1,300.00 | |
Supplies Expense | |||
Date | Account Title & Explanation | Debit | Credit |
31-Dec | Supplies | $ 450.00 | |
31-Dec | Balance C/d | $ 450.00 | |
Total | $ 450.00 | $ 450.00 |
Answer the following questions about prepaid expenses: a. On DecemberDecember 1, Air and SeaAir and Sea...
Answer the following questions about prepaid expenses: a. On October 1, Pegassi Motors Service prepaid $ 6000 for six months' rent. Give the adjusting entry to record rent expense at October 31. Include the date of the entry and an explanation. Then post all amounts to the two accounts involved, and show their balances at October 31. High and Low adjusts the accounts only at October 31, the end of its fiscal year. b. On October 1, Pegassi motors paid...
Question Help Answer the following questions about prepaid expenses a. On October 1, High and Low Tree Service prepaid S7 200 for six months' rent. Give the adjusting entry to record rent expense at October 31. Include the date of the entry and an explanation. Then post all amounts to the two accounts involved, and show their balances at October 31 High and Low adjusts the accounts only at October 31, the end of its fiscal year b. On October...
Answer the following questions about prepaid expenses a. On March 1, East and West Tree Service prepaid $5.400 for six month rent. Give the dusting entry to record rent expense at March 31. Include the date of the entry and an explanation. Then post all amounts to the two accounts involved and show their balances of March 31. East and West adjust the accounts only at March 31, the end of its fiscal year, On March 1, East and West...
S3-7. (Learning Objective 3: Adjust the accounts) Answer the following questions about prepaid expenses: a. On March 1, Meadow Tree Service prepaid $7,200 for six months' rent. Give the adjusting entry to record rent expense at March 31. Include the date of the entry and an explanation. Then post all amounts to the two accounts involved, and show their balances at March 31. Meadow adjusts the accounts only at March 31, the end of its fiscal year. b. On March...
S3-7. (Learning Objective 3: Adjust the accounts) Answer the following questions about prepaid expenses a. On March 1, Meadow Tree Service prepaid $7,200 for six months' rent. Give the adjusting entry to record rent expense at March 31. Include the date of the entry and an explanation. Then post all amounts to the two accounts involved, and show their balances at March 31. Meadow adjusts the accounts only at March 31, the end of its fiscal year. b. On March...
S3-7 (book/static) Question Hop Answer the following questions about prepaid expenses a. On March 1, Meadow Tree Service propad 7.200 for six months rent. Give the gerty to record and expense at March 31, Indude the date of the entry and an exploration. Then postal amount to the two counts involved and show her balances at March 31 Meadow just the accounts only at Much 31, the end of tifocal year, b. On March 1, leadow Treaferice pod $1.050 for...
Save Homework: Chapter 3, Part 1 Score: 0 of 3 pts 3 of 5 (2 complete) HW Score: 26.47%, 4.5 of 17 pts S3-7 (similar to) Question Help Answer the following questions about prepaid expenses: a. On October 1, Paradise Tree Service prepaid $4,200 for six months' rent. Give the adjusting entry to record rent expense at October 31, Include the date of the entry and an explanation. Then post all amounts to the two accounts involved, and show their...
On May 1, Nick's Sport Shop of Toledo prepaid six months of rent $4.800 Read the requirements Requirement 1. Record the journal entry for the May 1 payment Record debits first, then credits Select the explanation on the lastne of the journal entry table> Date Accounts and Explanation Debit Credit May 1 Requirement 2. Record the adjusting entry required at May 31 (Record debits first the credits Select the explanation on the last line of the journal entry table Date...
Please answer the following question. Preparing Adjusting Entries Jake Thomas began Thomas Refinishing Service on July 1, 2019. Selected accounts are shown below as of July 31, before any adjusting entries have been made. Unadjusted Account Balances Debit Credit Prepaid rent $5,700 Prepaid advertising 630 Supplies inventory 3,000 Performance obligation liability $600 Refinishing fees revenue 2,500 Support Using the following information, prepare the adjusting entries necessary on July 31 (a) using the financial statement effects template and (b) in journal...
On September 1. Nick's Sport Shop of Toledo prepaid six months of rent, 55,700. Read the requirements ne Way W WW WWW Date Accounts and Explanation Debit Credit Sep 1 Prepaid Rent 200 Cash 5.700 To record rent paid in advance Requirement 2. Record the adjusting entry required at September 30. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Debit Credit Sep 30 Rent Expense Prepaid Rent...