The trial balance for Tater Tot Corp appears as follows: Tater Tot Corp Trial Balance December...
The trial balance for Tater Tot Corp appears as follows:
Tater Tot Corp
Trial Balance
December 31, 2020
| Cash | $ 300 |
| Accounts Receivable | 522 |
| Prepaid Insurance | 82 |
| Supplies | 180 |
| Equipment | 4,000 |
| Accumulated Depreciation - Equipment | $ 600 |
| Accounts Payable | 384 |
| Common Stock | 1,200 |
| Retained Earnings | 1,400 |
| Service Revenue | 3,000 |
| Salaries and Wages Expense | 1,000 |
| Rent Expense | 500 |
| $6,584 | $6,584 |
If as of December 31, 2022, rent of $150 for December had not been recorded or paid, the adjusting entry would include a
A)debit to Rent Expense for $150
B)credit to Accumulated Rent for $150.
C)debit to Rent Payable for $150
D)credit to Cash for $150.
Homework Answers
| SOLUTION : 1 | ||||
| Rent of $ 150 has not been recorded | ||||
| it means we have to record the expenses of rent for $ 150 | ||||
| and create the liability for payment of rent. | ||||
| Adjusting entry is posted as on December 31 is as below | ||||
| Journal Entries | ||||
| Date | Account Title and explanation | Debit | Credit | |
| Dec . 31 | Rent Expenses | $ 150 | ||
| Rent Payable | $ 150 | |||
| Answer = Option A = Debit to Rent Expense for $150 | ||||
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The trial balance for Tater Tot Corp appears as follows:
Tater Tot Corp
Trial Balance
December...
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