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problem: Journalize the adjusting entry needed at December 31 for each of the given independent situations.

[A] On October 1, we collected $4,000 rent in advance, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying one year’s payment in advance. At December 31, we must account for the amount of rent we have earned.

[B] Salary expense is $1,500 per day—Monday through Friday—and the business pays employees each Friday. This year December 31 falls on a Tuesday.

[C] The unadjusted balance of the Supplies account is $3,100. Supplies on hand total S 1,200.

[D] Machine was purchased List year at a cost of $10,000. The machine’s useful life is four years. Record the year’s depreciation.

[E] On September 1, when we prepaid $1,200 for a two year insurance policy we debited Prepaid Insurance and credited Cash.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M921913

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