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ADJUSTING journal entry a company had following transactions a) Collected $3,800 rent for the period of...

ADJUSTING journal entry

a company had following transactions

a) Collected $3,800 rent for the period of December 1 of current year to April of next year, which was credited to unearned rent revenue on December 1.

b) purchased machine for $41,000 cash on January 1. The company estimated annual depreciation at $3900

c) Paid $2400 for a two year insurance premium on July 1 of current year, debited Prepaid insurance for that amount

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Answer #1
1 Unearned rent revenue 760
Rent revenue 760
(3,800 * 1/5)
2 Depreciation expense 3900
Accumulated Depreciation - Machine 3900
3 Insurance expense 600
Prepaid Insurance (2400 * 6/24) 600

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