Question

Data for January Journal Entries: January 1: Mike and Julie opened the business, each contributing $80,000 in cash to the company and receiving Common Stock in return for their investment. de CAMAT Steel Cab January 1: Purchased equipment for $400,000 from Rent-It, paying $50,000 in cash and taking out a one-year $350,000 note payable at a simple interest rate of 4.8%, payable annually. January 1: Paid $30,000 to Santos Realty as six months' advance rent on the rental yard and office formerly occupied by Rent-it. January 4: Purchased office supplies on account from Modern Office Co. for $410. Payment due in 30 days. (These supplies are expected to last for several months) January 8: Received $8,000 cash as an advance payment on an equipment rental from McBryan Construction Company. January 11: January 15: Paid salaries for the first two weeks of January, $9,000. Excluding the McBryan advance, equipment rental fees earned during the first 15 days of January amounted to $24,800, of which $11,000 was received in cash. January 17: Purchased on account from Earth Movers, Inc. $520 in parts needed to repair a rental tractor which was completed on January 18th. Payment is due in 10 days. January 23: Collected $7,800 of the accounts received recorded January 15th Paid biweekly salaries totaling $10,400. January 25: January 27: January 28: Paid the account payable to Earth Movers, Inc. of $520. Rented a backhoe to Mission Landscaping at a price of $150 per day. Mission paid $750 down with the balance to be paid when the backhoe is returned. Mission Landscaping expects to keep the backhoe for 7 more days. January 28: Pald a distribution totaling $4,000 to the owners. (Each owner received $2,000). January 29: Purchased a 12-month public-liability insurance policy for $2,700. This policy protects the company against liability for injuries and property damage caused by its equipment. However, the policy goes into effect on February 1st

Looking for just the adjusting journal entries which is a through g which I think is what the questions is looking for.

Answer 1

Transaction	Account	Debit	Credit
a)	Rent Expense	$ 5,000
	Prepaid Rent		$ 5,000
b)	Interest Expense	$ 1,400
	Interest Payable		$ 1,400
c)	Depreciation Expense	$ 3,250
	Accumulated Depreciation		$ 3,250
d)	Supplies Expense	$    290
	Office Supplies		$    290
e)	Unearned Revenue	$ 6,200
	Rental Revenue		$ 6,200
f)	Unearned Rental Income	$    600
	Rental Income		$    600
g)	Salaries Expense	$    550
	Salaries Payable		$    550