Question

please journalize

-3ace-4648-ac56-13049c1d36/1/assessments/292 Debit Credit Cash $25,600 Prepaid Insurance 10,500 Supplies 8,600 Land 30,000 Buildings 130,000 Equipment 26,000 Accounts Payable $10,500 Unearned Rent Revenue 10,600 Mortgage Payable 70,000 Common Stock 107,000 Retained Earnings 9,000 Dividends 5.000 Rent Revenue 86,200 Salaries and Wages Expense 44,800 Utilities Expenses 9,200 Maintenance and Repairs Expense 3,600 $293,300 $293,300 Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2020. 2. An inventory count on August 31 shows $438 of supplies on hand. 3. Annual depreciation rates are (a) buildings (4%) (b) equipment (10%). Salvage value is estimated to be 10% of cost. 4. Unearned Rent Revenue of $3,866 was earned prior to August 31. 5. Salaries of $357 were unpaid at August 31. 6. Rentals of $819 were due from tenants at August 31. (Use Accounts Receivable account.) 7. The mortgage interest rate is 8% per year.

Answer 1

Answer -

	Date	General Journal	Debit ($)	Credit ($)
1.	August 31	Insurance Expense [$10500 * 3/12] Prepaid Insurance	2625 -	- 2625
2.	August 31	Supplies Expense [$8600 - $438] Supplies	8162 -	- 8162
3. (a)	August 31	Depreciation Expense [($130000-10%)*4%)*3/12] Accumulated Depreciation	1170 -	- 1170
3. (b)	August 31	Depreciation Expense [($26000-10%)*10%)*3/12] Accumulated Depreciation	585 -	- 585
4.	August 31	Unearned Rent Revenue Rent Revenue	3866 -	- 3866
5.	August 31	Salaries and Wages Expenses Salaries and Wages Payable	357 -	- 357
6.	August 31	Accounts Receivable Rent Revenue	819 -	- 819
7.	August 31	Interest Expense [($70000 * 8%) * 3/12] Interest Payable	1400 -	- 1400