On July 1, a business collected $6,600 rent in advance, debiting cash and crediting unearned revenue
Other
Consider the following independent situations at December 31:
- On July 1, a business collected $6,600 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 of rent it has earned,
- Salaries expense is $1,300 per day-Monday through Friday-and the business pays employees each Friday. This year, December 31 is a Thursday,
- The unadjusted balance of the office supplies account is $2,600. Office supplies on hand total $1,800
- Equipment depreciation was $200
- On October 1, when the business prepared $6,000 for a two-year insurance policy, the business debited Prepaid Insurance and credited cash
Journalize the adjusting entry needed on December 31 for each situation. Use the no (1,2,3,4,5) to label the journal entries,
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Consider the following situation for X services:
- Depreciation for the current year includes equipment, $2,700
- Each Monday, X Services pays employees for the previous week’s work. The amount of weekly payroll is $3,500 for a seven-day workweek. (Mo-Su) This year, December 31 falls on Thursday.
- The beginning balance of office supplies was $2,600. During the year, X Services purchased office supplies for $2,500 and at December 31, the office supplies on hand totaled $1,800
- X Services prepaid a two full years’ insurance on October 1 of the current year, $6480. Record insurance expense for the year ended December 31.
- X Services earned $3,400 of unearned revenue
- X Services had incurred (but not recorded) $150 of interest expense on a note payable. The interest will not be paid until February 28
- X Services billed customers $9,000 for welding services performed
Journalize the adjusting entry needed on December 31 for each situation. Use the no (1,2,3,4,5) to label the journal entries,
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