Question

q5 says im wrong

Saved Help Save 5 For each of the following independent situations, prepare journal entries to record the initial transaction on September 30 and the adjustment required on October 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 10 points a Hockey Helpers paid $5.400 cash on September 30 to rent an arena for the months of October and November b. Super Stage Shows received $17.400 on September 30 for season tickets that admit patrons to a theatre event that will be held twice (on October 31 and November 30) c. Risky Ventures paid $4,050 on September 30 for insurance coverage for the months of October, November, and December eBook View transaction list View journal entry worksheet No Date Sept 30 General Journal 1 Debit Credit Prepaid Rent Cash 5,400 5,400 2 Oct 31 Rent Expense 2.700 Prepaid Rent 2.700 3 Sept. 30 Cash Service Revenue 17.400 17.400 4 Oct 31 Service Revenue 8.700 Me < Prev 5 of 10

Answer 1

Solution ;

                Journal entries

No.	Date	Particulars	Debit	Credit
1	Sept 30	Prepaid rent	5400
		To Cash		5400
		(Rent prepaid
2	Sept 30	Cash a/c	17400
		To Unearned revenue		17400
		(Unearned revenue is received )
3	Sept 30	Prepaid insurance a/c	4050
		To Cash		4050
		( Insurance prepaid )
4	Oct 31	Rent expense a/c	2700
		To Rent prepaid		2700
		(Adjusting oct month rent paid)
5	Oct 31	Unearned revenue a/c	8700
		To Revenue (17400 / 2)		8700
		(Adjusting unearned revenue )
6	Oct 31	Insurance expense a/c	1350
		To Prepaid insurance (4050 / 3)		1350
		(Adjusting insurance prepaid)