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
Homework Answers
| 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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