Question

Save Homework: Chapter 3, Part 1 Score: 0 of 3 pts 3 of 5 (2 complete) HW Score: 26.47%, 4.5 of 17 pts S3-7 (similar to) Question Help Answer the following questions about prepaid expenses: a. On October 1, Paradise Tree Service prepaid $4,200 for six months' rent. Give the adjusting entry to record rent expense at October 31, Include the date of the entry and an explanation. Then post all amounts to the two accounts involved, and show their balances at October 31. Paradise adjusts the accounts only at October 31, the end of its fiscal year, b. On October 1, Paradise Tree Service paid $1,000 for supplies. At October 31, Paradise has $800 of supplies on hand. Make the required journal entry at October 31. Then post all amounts to the accounts and show their balances at October 31. Assume no beginning balance in supplies. a. On October 1, Paradise Tree Service prepaid $4,200 for six months' rent. Give the adjusting entry to record rent expense at October 31. Include the date of the entry and an explanation. Then post all amounts to the two accounts involved, and show their balances at October 31. Paradise adjusts the accounts only at October 31, the end of its fiscal year. Prepare the adjusting journal entry to record the rent expense at October 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Accounts and Explanations Debit Date Credit Oct 31 Choose from any list or enter any number in the input fields and then click Check Answer. 3 parts remaining Clear All Check Answer

Answer 1

Rent Expense Requirement a Journal Entry Date Accounts and Explainations 31-Oct Rent Expense Prepaid Rent Credit Debit $ 700 1-Oct $ 31-Oct $ End Bal $ 700 700 $ 700 (To Record Amount of Prepaid Rent Expired) Prepaid Rent 4,200 31-Oct $ 700 1-Oct $ End Bal $ 3,500 Requirement (6) Journal Entry Date Accounts and Explainations 31-Oct Supplies Expense Office Supplies Credit Debit $ 200 Supplies Expense 1-Oct $ 31-Oct $ 200 End Bal $ 200 $ 200 (To Record Amount of Supplies Used) Office Supplies 1,000 31-Oct $ 200 1-Oct $ End Bal $ 800 Note : Do Comment For Any Further Assistance :)