Try another version of these questions On November 1, MVP Sportswear prepaid six months of rent, $4,680: Record the journal entry for the payment on November 1. Record the adjusting entry required at November 30. JournalDateDescriptionDebitCreditNovember 1 Accounts ReceivableCashPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSubscription RevenueUnearned RevenueNovember 1 Accounts ReceivableCashPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSubscription RevenueUnearned Revenue November 30 Accounts ReceivableCashPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSubscription RevenueUnearned RevenueNovember 30 Accounts ReceivableCashPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSubscription RevenueUnearned Revenue JournalDateDescriptionDebitCreditNovember 1Prepaid Rent4,680November 1 Cash4,680 November 30Rent Expense780November 30 Prepaid Rent780 Consider the following independent situations at December 31: On July 1, a business collected $6,510 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 $1,370 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 $2,560 Office supplies on hand total $1,770. Equipment depreciation was $190. On October 1, when the business prepaid $5,960 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 Revenue3,255December 31 Rent Revenue3,255 December 31Salaries Expense5,480December 31 Salaries Payable5,480 December 31Office Supplies Expense790December 31 Office Supplies790 December 31Depreciation Expense190December 31 Accumulated Depr. - Equip.190 December 31Insurance Expense745December 31 Prepaid Insurance745
Try another version of these questions
On November 1, MVP Sportswear prepaid six months of rent, $4,680:
JournalDateDescriptionDebitCreditNovember 1 Accounts ReceivableCashPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSubscription RevenueUnearned RevenueNovember 1 Accounts ReceivableCashPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSubscription RevenueUnearned Revenue November 30 Accounts ReceivableCashPrepaid RentRent ExpenseSalaries ExpenseSalaries PayableService RevenueSubscription RevenueUnearned RevenueNovember 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