At December 31 of the current year, Blossom Corporation had a
number of items that were not reflected in its accounting records.
Maintenance and repair costs of $1,000 were incurred but not paid.
Utilities costing $470 were used but not paid, and use of a
warehouse space worth $2,170 was provided to a tenant who had not
been billed as of the end of the month.
Record the required adjusting entries related to these events.
(If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when the amount is entered. Do not
indent manually.)
Date |
Account Titles and Explanation |
Debit |
Credit |
---|---|---|---|
Dec. 31 |
enter an account title
|
enter a debit amount
|
enter a credit amount
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
(To record maintenance and repairs costs) | |||
Dec. 31 |
enter an account title
|
enter a debit amount
|
enter a credit amount
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
(To record utilities) | |||
Dec. 31 |
enter an account title
|
enter a debit amount
|
enter a credit amount
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
(To record warehouse rent) |
Solution:
Journal Entries - Blossom Corporation | |||
Date | Particulars | Debit | Credit |
31-Dec | Rapair and maintenance expense Dr | $1,000.00 | |
To Expenses Payable | $1,000.00 | ||
(To record repair and maintenance expense) | |||
31-Dec | Utilities expense Dr | $470.00 | |
To Expenses Payable | $470.00 | ||
(To record utilities) | |||
31-Dec | Rent receivables Dr | $2,170.00 | |
To Rent revenue | $2,170.00 | ||
(To record rent revenue) |
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