Homework Answers
Answer: C
The entry would ne made because of matching principle i.e. to match expense with revenue.
So, insurance expenses will be matched with prepaid insurance which Is paid earlier.
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Which of the following entries would be made because of the matching principle? O A. Prepaid...
Print 3. Consider the following independent situations at December 31: Click the icon to view the...
Print 3. Consider the following independent situations at December 31: Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the joumal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. On October 1, a business collected $3,000 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. Al...
1. Which account would be credited when closing the account for rent expense for the year?...
1. Which account would be credited when closing the account for rent expense for the year? a. Rent Expense b. Prepaid Rent c. Rent Revenue d. Unearned Rent Revenue 2. Which of the following accounts is considered a permanent or real account? a. Prepaid Insurance b. Interest Revenue c. Insurance Expense d. Supplies Expense 3. Which of these accounts would be present in the closing entries? a. Dividends b. Accounts Receivable c. Unearned Service Revenue d. Sales Tax Payable 4....
Print 4. The accounting records of Mackay Architects include the following selected, unadjusted balances at March...
Print 4. The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,500, Office Supplies, $700; Prepaid Rent, $2,240; Equipment, $8,000; Accumulated Depreciation Equipment. $0, Salaries Payable, $0; Unearned Revenue, 5900; Service Revenue, $4,100; Salaries Expense, $800; Supplies Expense, So; Rent Expense, $0: Depreciation Expense Equipment, SO. The data developed for the March 31 adjusting entries are as follows: *(Click the icon to view the data) Once 4 Salaries Rent Ex Read the...
Print 6. The following data at July 31, 2018, are given for RCO: (Click the icon...
Print 6. The following data at July 31, 2018, are given for RCO: (Click the icon to view the data.) Read the requirements Requirement 1. Joumalize the adjusting entries needed on July 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) a. Depreciation. $600. Date Accounts and Explanation Debit Credit (a) Jul 31 (1) (2) b. Prepaid rent expires, $200. (Assume that RCO debits an asset account when rent is...
Blum Services has the following unadjusted balances at year-end. Cash $12,900 Prepaid insurance 2,000 Office supplies...
Blum Services has the following unadjusted balances at year-end. Cash $12,900 Prepaid insurance 2,000 Office supplies 1,300 Office equipment 10,500 Accumulated depreciation–office equipment 3,500 Accounts payable 2,900 Salaries payable -0- Unearned service revenue 4,500 A.L.Blum, capital 11,750 A.L.Blum, drawing 5,600 Service revenue 13,350 Salary expense 3,700 Depreciation expense -0- Supplies expense -0- Insurance expense -0- The following information is available to use in making adjusting entries. a. Office supplies on hand at year-end: $250 b. Prepaid insurance expired during the...
Adjusted Journal Entries Transaction Account Debit Credit a) Rent Expense $ 5,000 Prepaid Rent $ 5,000...
Adjusted Journal Entries 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 Please put these into T accounts.
Problem 3-1A Identifying adjusting entries with explanations LO P1, P2, P3, P4 For journal entries 1...
Problem 3-1A Identifying adjusting entries with explanations LO P1, P2, P3, P4 For journal entries 1 through 12, select the letter of the explanation that most closely describes it in the space beside each entry. You can use letters more than once. A. To record receipt of unearned revenue. B. To record this period's earning of prior unearned revenue. C. To record payment of an accrued expense. D. To record receipt of an accrued revenue. E. To record an accrued...
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.
The ledger of Splish Brothers Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared CreditDebitSupplies$8,100Prepaid insurance9,720Equipment67,500Accumulated Depreciation-Equipment$22,680Notes Payable54,000Unearned Rent Revenue33,480Rent Revenue162,000Interest Expense0Salaries and Wages Expense37,800An analysis of the accounts shows the following 1. The equipment depreciates $756 per month 2. Half of the uneared rent revenue was earned during the quarter 3. Interest of $1,080 is accrued on the notes payable 4. Supplies on hand total $2,295. 5. Insurance expires at the rate of $1,080 per...
Instructions On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham...
Instructions On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty • The supplies account balance on December 31 is $1,375. The supplies on hand on December 31 are $280. • The unearned rent account balance on December 31 is 89,000 representing the receipt of an advance payment on December 1 of four months' rent from tenants. . Wages accrued but not paid at December 31 are $3.220. • Fees earned but unbilled at...
prepare the adjusting entries that were made CRANE COMPANY Trial Balance August 31, 2020 Before Adjustment...
prepare the adjusting entries that were made
CRANE COMPANY Trial Balance August 31, 2020 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $10,300 $10,300 Accounts Receivable 9.000 9.500 Supplies 700 Prepaid Insurance 2,400 3.800 13.300 2.600 Equipment 13,300 Accumulated Depreciation-Equipment $3,600 $4,400 Accounts Payable 5.900 5.900 Salaries and Wages Payable 1.400 Unearned Rent Revenue 1400 800 Owner's Capital 14.900 14.900 Service Revenue 34 500 Rent Revenue 10.900 11500 Salanes and Wages Expense 17.000 18.400 Supplies Expense 1.700 Rent Expense...
Print 3. Consider the following independent situations at December 31: Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the joumal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. On October 1, a business collected $3,000 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. Al...
Print 4. The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,500, Office Supplies, $700; Prepaid Rent, $2,240; Equipment, $8,000; Accumulated Depreciation Equipment. $0, Salaries Payable, $0; Unearned Revenue, 5900; Service Revenue, $4,100; Salaries Expense, $800; Supplies Expense, So; Rent Expense, $0: Depreciation Expense Equipment, SO. The data developed for the March 31 adjusting entries are as follows: *(Click the icon to view the data) Once 4 Salaries Rent Ex Read the...
Print 6. The following data at July 31, 2018, are given for RCO: (Click the icon to view the data.) Read the requirements Requirement 1. Joumalize the adjusting entries needed on July 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) a. Depreciation. $600. Date Accounts and Explanation Debit Credit (a) Jul 31 (1) (2) b. Prepaid rent expires, $200. (Assume that RCO debits an asset account when rent is...
Problem 3-1A Identifying adjusting entries with explanations LO P1, P2, P3, P4 For journal entries 1 through 12, select the letter of the explanation that most closely describes it in the space beside each entry. You can use letters more than once. A. To record receipt of unearned revenue. B. To record this period's earning of prior unearned revenue. C. To record payment of an accrued expense. D. To record receipt of an accrued revenue. E. To record an accrued...
Instructions On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty • The supplies account balance on December 31 is $1,375. The supplies on hand on December 31 are $280. • The unearned rent account balance on December 31 is 89,000 representing the receipt of an advance payment on December 1 of four months' rent from tenants. . Wages accrued but not paid at December 31 are $3.220. • Fees earned but unbilled at...
prepare the adjusting entries that were made
CRANE COMPANY Trial Balance August 31, 2020 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $10,300 $10,300 Accounts Receivable 9.000 9.500 Supplies 700 Prepaid Insurance 2,400 3.800 13.300 2.600 Equipment 13,300 Accumulated Depreciation-Equipment $3,600 $4,400 Accounts Payable 5.900 5.900 Salaries and Wages Payable 1.400 Unearned Rent Revenue 1400 800 Owner's Capital 14.900 14.900 Service Revenue 34 500 Rent Revenue 10.900 11500 Salanes and Wages Expense 17.000 18.400 Supplies Expense 1.700 Rent Expense...
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