Try another version of these questions On April 1, MVP Sportswear prepaid six months of rent, $4,080: Record the journal entry for the payment on April 1. Record the adjusting entry required at April 30. JournalDateDescriptionDebitCreditApril 1 Accounts ReceivableCashPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSubscription RevenueUnearned RevenueApril 1 Accounts ReceivableCashPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSubscription RevenueUnearned Revenue April 30 Accounts ReceivableCashPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSubscription RevenueUnearned RevenueApril 30 Accounts ReceivableCashPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSubscription RevenueUnearned Revenue JournalDateDescriptionDebitCreditApril 1Prepaid Rent4,080April 1 Cash4,080 April 30Rent Expense680April 30 Prepaid Rent680 Consider the following independent situations at December 31: On July 1, a business collected $6,540 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. Salaries expense is $1,240 per day—Monday through Friday—and the business pays employees each Friday. This year, December 31 falls on a Thursday. The unadjusted balance of the Office Supplies account is $2,430 Office supplies on hand total $1,780. Equipment depreciation was $180. On October 1, when the business prepaid $5,840 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. JournalDateDescriptionDebitCreditDecember 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned RevenueDecember 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned Revenue December 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned RevenueDecember 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned Revenue December 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned RevenueDecember 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned Revenue December 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned RevenueDecember 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned Revenue December 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned RevenueDecember 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned Revenue JournalDateDescriptionDebitCreditDecember 31Unearned Revenue3,270December 31 Rent Revenue3,270 December 31Salaries Expense4,960December 31 Salaries Payable4,960 December 31Office Supplies Expense650December 31 Office Supplies650 December 31Depreciation Expense180December 31 Accumulated Depr. - Equip.180 December 31Insurance Expense730December 31 Prepaid Insurance730
Try another version of these questions
On April 1, MVP Sportswear prepaid six months of rent, $4,080:
JournalDateDescriptionDebitCreditApril 1 Accounts ReceivableCashPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSubscription RevenueUnearned RevenueApril 1 Accounts ReceivableCashPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSubscription RevenueUnearned Revenue April 30 Accounts ReceivableCashPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSubscription RevenueUnearned RevenueApril 30 Accounts ReceivableCashPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSubscription RevenueUnearned Revenue
Consider the following independent situations at December 31:
Journalize the adjusting entry needed on December 31 for each situation.
JournalDateDescriptionDebitCreditDecember 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned RevenueDecember 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned Revenue December 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned RevenueDecember 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned Revenue December 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned RevenueDecember 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned Revenue December 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned RevenueDecember 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned Revenue December 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned RevenueDecember 31 Accounts PayableAccounts ReceivableAccumulated Depr. - Equip.CashDepreciation ExpenseInsurance ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent RevenueSalaries ExpenseSalaries PayableUnearned Revenue