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.
Event No. | Date | Account Titles | Debit | Credit |
a | Sept. 1 | Prepaid Rent | 15,000 |
|
| Cash |
| 15,000 | |
a | Dec. 31 | Rent Expense (15,000 × 4/12) | 5,000 |
|
| Prepaid Rent |
| 5,000 |
a. Paid $15,000 cash in advance on September 1 for a one-year lease on office space.
b. Purchased $2,000 of supplies on account on April 15. At year-end, $300 of supplies remained on hand.
c. Received a $3,600 cash advance on July 1 for a contract to provide services for one year.
d. Paid $5,100 cash in advance on February 1 for a one-year insurance policy.
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