1. Adjusting journal entries.
Collect $2700 rent for the peroid Octomber 1st to december 31, Which was credited to Deffered revenue on Octomber 1
Journal Entry | ||
Deffered revenue Dr. | 2700 | |
Rental Income A/c Cr. | 2700 |
Paid $1440 for a two year insurance premium on octomber 1 and debited prepaid insurance for that amount.
Insuranse expense Dr. | 1980 | |
Prepaid insurance | 1980 |
Total Prepaid insurance | 7920 | 6480 |
Current year amount | (7920/24)*6 | 1980 |
Used a machine purchase on Octomber 1 for $49200, the company estimates annual depreciation of $4920.
Depreciaction expense Dr. | 1230 | |
Machine Account Cr. | 1230 |
Annual Depreciation | 4920 |
3 Month depreciation | (4920/12)*3 |
1230 |
2.T Account
Deferred revenue account | |||
Rental income | 2700 | Opening balance | 2700 |
Closing | 0 | ||
2700 | 2700 |
Rental Income | |||
Opening balance | 0 | ||
Closing balance / P&L Account | 2700 | Deffered revenue a/c | 2700 |
2700 | 2700 |
Prepaid insurance | |||
Opening balance | 7920 | insurance expense | 1980 |
Closing | 5940 | ||
7920 | 7920 |
Insurance expense | |||
Opening balance | 0 | Closing / P&L Account | 1980 |
Prepaid insurance | 1980 | ||
1980 | 1980 |
Machine Account | |||
Opening Balance | 49200 | Depreciation expense | 1230 |
Closing Balance | 47970 | ||
49200 | 49200 |
Depreciation Expense | |||
Opening balance | 0 | ||
Machine Account | 1230 | Closing balance | 1230 |
1230 | 1230 |
Required information For each of the following transactions for the Sky Blue Corporation: a. Collected $2,700...
Required information For each of the following transactions for the Sky Blue Corporation: a. Collected $2,700 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. b. Paid $1,440 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. c. Used a machine purchased on October 1 for $49,200. The company estimates annual depreciation of $4,920. Prepare the adjusting journal entries required on October 31. (If no...
Required information For each of the following transactions for the Sky Blue Corporation: a. Collected $5,250 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. b. Paid $3,480 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. c. Used a machine purchased on October 1 for $59,400. The company estimates annual depreciation of $5,940. Prepare the adjusting journal entries required on October 31. (If no...
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At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $7,920 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. Required: 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare...
says my ans are incomplete. maybe im inserting numbers in weong place? 2 At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $32,000 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $6,400. Required: 1. Prepare the adjusting journal entry on December 31 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance 10 points eBook Pint...
Do i put the AJE beside any of these? At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $6,000 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. Required: 10 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. points Complete this question by entering...
For each of the following transactions for the Sky Blue Corporation, prepare the adjusting journal entries required on October 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Collected $2,550 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. Paid $1,320 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. Used a machine purchased on...
! Required information For each of the following transactions for the Sky Blue Corporation: a. Collected $2,700 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. b. Paid $1,440 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. c. Used a machine purchased on October 1 for $49,200. The company estimates annual depreciation of $4,920. Give the accounting equation effects of the adjustments required at...
Required information For each of the following transactions for the Sky Blue Corporation: Collected $5,100 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. Paid $3,360 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. Used a machine purchased on October 1 for $58,800. The company estimates annual depreciation of $5,880. rev: 09_26_2018_QC_CS-140420 Give the accounting equation effects of the adjustments required at the end...