Homework Answers
Given Janis Corporation rents an office for $1,500. he paid $6,000 for the months March, April, May and June on March 3rd.
For this he recorded the journal entry as
Rent Expense $1,500
Prepaid Rent $4,500
Cash $6,000
The rent expense has to be recorded only when it is accrued. The march rent will be accrued on March 31. But Janis has ercorded the rent as an expense on March 3rd itself.
On March 31st, the rent should be expensed, but it is already expensed. So, there is no need for an entry.
But if an adjusting entry is required , then the entry should be as follows
Rent Expense A/c....Dr $1,500
To Rent Expense A/c.. Cr $1,500
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Janis Corporation also rents a small office space with a monthly rental charge of $1,500. As...
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Janis Corporation also rents a small office space with a monthly rental charge of $1,500. As of March 1st the balance of the prepaid rent account is So. On March 3rd Janis pays their landlord $6.000 for the months of March April May, and June. Janis posted the following entry on March 3rd: OR Rent Expense 1.500 Prepaid Rent 4,500 CR Cash 6,000 What if any, adjusting entry is needed on March 31st? NOTE: You cannot change the entry that...
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Sales revenue (net)
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Gross profit
45,704
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Selling expenses
2,598
General & administrative expenses
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Depreciation expense
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Total operating expenses
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Operating Income
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Other items:
Interest expense
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Loss on sale of equipment
625
3,878
Net Income
4,811
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For the year ended January 31st, 2019
Cash Flows from Operating Activities
Net Income
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Income Statement
For the year ended January 31, 2019
Sales revenue (net)
55,432
Cost of goods sold
-9,778
Gross profit
45,704
Operating expenses:
Selling expenses
2,598
General & administrative expenses
25,869
Depreciation expense
8,548
Total operating expenses
38,015
Operating Income
9,089
Other items:
Interest expense
-3,253
Loss on sale of equipment
625
3,878
Net Income
4,811
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