Question

Question 24 Not yet answered On July 1, Orange, Inc. paid rent of $15,000 for a small equipment storage area from July 1 until December 31. Provide the adjusting journal entry on July 31. Assume the deferred expense is initially recorded as an asset. Include the date...omit the explanation. Show your work for all calculated numbers and label your numbers. Marked out of 6.00 P Flag question 1 1 B U x S - 7 X2 E > < Debit Credit Account Date SO

Plz , I would like to check my answers if they are correct. please anyone help me answers these questions. thx a lot!!

Answer 1

Solution

Credit Answer 24 Date Account 31-Jul Rent Alc Dr To Prepaid / Deferred Rent Alc Debit 2500 =15000*1/6 $ 2,500 Credit Answer 23 Date Account 30-Jun Interest Expense A/C .... Dr To Interest Payable Alc Debit 200 =24000*10%*1/12 $ 200 Credit Answer 22 Date Account 31-Jan Supplies Expenses Alc... Dr To Supplies A/C Debit 6300 = 1500+5500-700 $ 6,300 Credit Answer 21 Date Account 04-Mar Supplies Alc... Dr To Creditors on Account Alc To Cash Alc Debit $ 900 $ $ 700 200 =900-700 .Dr $ 1,000 05-Mar Accounts Receivable Alc To Service Revenue $ 1,000 $ 1,500 06-Mar Cash A/c .... Dr Accounts Receivable Alc .Dr $ 1,500