icourseld 1477801580penVelumHMAC 82cd90ccf1046274a85574b8424

icourseld 1477801580penVelumHMAC 82cd90ccf1046274a85574b84243bb8c 10001 ACC 101-D03N (Backman) Summer 2018 Course Home Do Homework-Asron Resihl-Google Chrome Secure https//www.matho ACC 101-DOON (Backman) Summer 2018 homeworkld 4882544558iquestionld-18dilushed-fase&icld5062570Bcenterwin; yes Aaron Ret? 1 6/24/18 4:4? PM Homework: Chapter 3 Homework Score: 0 of 1pt E3-22 (similar to) Save 4 1of 2 (0 complete) HYV Score: 0%, 00f 2 pts Question Hep Consider the following independent situations at December 31 1(Click the icon to view the shuations ) Jounalize the adjusting entry needed on December 31 for each situation Use the leters to label the journal entries. (Record debits ferst then credts. Select the explanation on the last lne of the journal entry table) a On July 1, a business collected $7 200 rent in advance, debiting Cash and crediting Unearned Revenus The tenant was paying one year\'s rent in advance. At December 31, the business must account for the amount of rent t has earned Date Accounts and Explanation Credit (a) Dec 31 Clear All oer

Solution

Adjusting entries

Transaction

Date

Accounts and Explainations

Debit

Credit

a

31-Dec

Unearned Revenue

$ 3,600.00

        Rent Revenue

$ 3,600.00

(6 Months Rent Earned)

b

31-Dec

Salaries Expense

$ 8,500.00

        Salaries Payable

$ 8,500.00

(salary for 5 days Due )

c

31-Dec

Office Supplies Expense

$     800.00

        Office Supplies

$     800.00

(Supplies Expenses recorded)

d

31-Dec

Depreciation expense- Equipment

$     300.00

           Accumulated Depreciation-Equipment

$     300.00

(depreciation on Equipment Recorded)

e

31-Dec

Insurance Expense

$     540.00

             Prepaid Insurance

$     540.00

(3 montsh Insurance Expired out of 24 Months)

	Adjusting entries
Transaction	Date	Accounts and Explainations	Debit	Credit
a	31-Dec	Unearned Revenue	$ 3,600.00
		Rent Revenue		$ 3,600.00
		(6 Months Rent Earned)
b	31-Dec	Salaries Expense	$ 8,500.00
		Salaries Payable		$ 8,500.00
		(salary for 5 days Due )
c	31-Dec	Office Supplies Expense	$     800.00
		Office Supplies		$     800.00
		(Supplies Expenses recorded)
d	31-Dec	Depreciation expense- Equipment	$     300.00
		Accumulated Depreciation-Equipment		$     300.00
		(depreciation on Equipment Recorded)
e	31-Dec	Insurance Expense	$     540.00
		Prepaid Insurance		$     540.00
		(3 montsh Insurance Expired out of 24 Months)