Adjusting Entries | |||||||
Account titles & Explanations | Debit | Credit | |||||
a. | interest expense | 3,100 | |||||
interest payable | 3,100 | ||||||
b. | interest receivable | 4,400 | |||||
interest revenue | 4,400 | ||||||
c. | unearned rent revenue | 3550 | |||||
rent revenue | (14200/24)*6 | 3,550 | |||||
d. | Salaries expense | 22800 | |||||
Salaries payable | (5700*4) | 22,800 | |||||
e. | Supplies expense | 1900 | |||||
Supplies. | 1,900 | ||||||
f. | Depreciation expense | 28000 | |||||
Accumulated depreciation-equipment | 28,000 | ||||||
Equipments book value | |||||||
orginal cost | 140,000 | ||||||
less:Accumulated depreciation | 28,000 | ||||||
Book value of Equipment | 112,000 | ||||||
E3-21A. (Learning Objective 3: Adjust the accounts) Jenkins Rentals Company faced the following situations. Journalize the...
Exercise 3-23 Clark Motor Ltd. faced the following situations. Journalize the adjusting entry needed at December 31, 2014, for each situation. Consider each fact separately. a. The business has interest expense of $9,000 that it must pay early in January 2015, b. Interest revenue of $3,000 has been earned but not yet received. c. When the business collected $12,000 in advance, it debited Cash and credited Unearned Revenue. The client was paying for two cars, ne delivered in December and...
Journalize the adjusting entry needed at December 31, the fiscal year-end, for each of the following independent situations. No other adjusting entries have been made for the year. (Record debits first, then credits. Exclude explanations from any journal entries.) On October 1, $4,500 rent was collected in advance. Cash was debited and Unearned rent revenue was credited. The tenant was paying six months' rent in advance. The business holds a $25,000 note receivable. Interest revenue of $875 has been earned on the...
a. The business has interest expense of $3,900 that it must pay early in January 2021. b. Interest revenue of $4,800 has been earned but not yet received. c. On July 1, 2020, when the business collected $13,600 rent in advance, it debited Cash and credited Unearned Rent Revenue. The tenant was paying for two years' rent. d. Salary expense is $6,300 per day—Monday through Friday—and the business pays employees each Friday. This year, December 31 falls on a Thursday....
Consider the following independent situations at December 31: (Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. a. On October 1, a business collected $3,900 rent in advance, debiting Cash and crediting Unearned Revenue. The t Date Accounts and Explanation Debit Credit (a) Dec. 31 b. Salaries expense is $1,700 per day—Monday through Friday-and the business pays employees each Friday. This Date Accounts...
Journalize adjusting entry needed at December 31, the fiscal year-end, for each of the following independent situations. No other adjusting entries have been made for the year. (Record debits first, then credits. Exclude explanations from any journal entries.) a. On October 1, $6,000 rent was collected in advance. Cash was debited and Unearned rent revenue was credited. The tenant was paying six months' rent in advance. b. The business holds a $50,000 note receivable. Interest revenue of $1,030 has been earned on...
Consider the following independent situations at December 31: Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. On October 1, a business collected $6,900 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. On December 31, the business must account for the amount of rent...
On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. At December 31, the business must account for the amount of rent it has earned. a.On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. On December 31, the business must account for the amount of rent it has earned....
. Ouest technology Ltd faced the following situations. When the business collected $8,000 in advance three months ago, the accountant debited Cash and credited Unearned Revenue. The client was paying for two test machines, one delivered in December, the other to be delivered in April 2020. Salary expense is $320 per day to you (please add your name as memo to the entry when you do it. Deduct 5 marks without name)- Monday through Friday - and the business pays...
LO3 P3-59A. (Learning Objective 3: Adjust the accounts) Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the following indepen dent cases affecting Castaway Corporation. Include an explanation for each entry a. The details of Prepaid Insurance are as follows Prepaid Insurance Jan B2,900 4,000 b. Castaway pays employees each Friday. The amount of the weekly payroll is $6,100 for c. Castaway has a note receivable. During the current year, Castaway...
Print 3. Consider the following independent situations at December 31: Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the joumal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. On October 1, a business collected $3,000 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. Al...