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For Stillwater Sports, assume a December 31 year end, and make the appropriate journal entries. If a reversing entry is requi

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Answer #1

Adjusting Entries

Account Titles Debit Credit
1 Insurance expense $                  900 =2400/24*9
       Prepaid Insurance $                  900
2 Rent Revenue $               7,000 =12000/12*7
       Unearned Rent Revenue $               7,000
3 Supplies Expense $               1,145 =1450-305
       Supplies $               1,145
4 Depreciation Expense $               1,000 =(9600-600)/6*8/12
       Accumulated Depreciation $               1,000
5 Interest Expense $               1,875 =50000*9%*5/12
      Interest Payable $               1,875
6 Interest Receivable $                  467 =20000*14%*2/12
      Interest Revenue $                  467

Reversing Entries

Account Titles Debit Credit
Interest Payable $               1,875
       Interest Expense $               1,875
Interest Revenue $                  467
       Interest Receivable $                  467

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