Recording adjusting entries in general journal format
Required
Each of the following independent events requires a year-end adjusting entry. Record each event and the related adjusting entry in general journal format. The first event is recorded as an example. Assume a December 31 closing date.
Date | Account Titles | Debit | Credit |
Oct. 1 | Prepaid Rent | 9,600 |
|
Cash |
| 9,600 | |
Dec. 31 | Rent Expense (9,600 × 3/12) | 2,400 |
|
Prepaid Rent |
| 2,400 |
a. Paid $9,600 cash in advance on October 1 for a one-year lease on office space.
b. Purchased $3,200 of supplies on account on June 15. At year end, $300 of supplies remained on hand.
c. Received a $9,600 cash advance on September 1 for a contract to provide services for one year.
d. Paid $3,600 cash in advance on May 1 for a one-year insurance policy.
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