Homework Answers
Required Journal entries are:
| Date | General Journal | Debit | Credit |
| 1 | Salaries expense | $ | |
| Salaries payable | $ | ||
| (for salaries expense accrual) | |||
| 2. | Unearned service revenue | $ | |
| Service revenue | $ | ||
| (for revenue earned) | |||
| 3 | Accounts receivable | $ | |
| Service revenue | $ | ||
| (for service revenue earned on account) |
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The ledger of Blue Rental Agency on March 31 of the current year
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Supplies
2,804
Equipment
23,330
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Notes Payable
20,880
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4,080
Rent Revenue
56,130
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–0–
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13,600
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1.
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2.
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Exercise 3-5
The ledger of Blue Rental Agency on March 31 of the current year
includes the following selected accounts before adjusting entries
have been prepared.
Debit
Credit
Prepaid Insurance
$3,372
Supplies
2,804
Equipment
23,330
Accumulated Depreciation-Equipment
$8,217
Notes Payable
20,880
Unearned Rent Revenue
4,080
Rent Revenue
56,130
Interest Expense
–0–
Salaries and Wages Expense
13,600
An analysis of the accounts shows the following.
1.
The equipment depreciates $244 per month.
2.
One-third of the unearned rent was earned as...
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. a. Entry to record revenue earned that was previously received as cash...
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