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v2.cengagenow.com CengageNOWv2 | Online teaching and learning resource from Cengage Le... MindTap - Cengage Learning MindTap - Cengage Learning Ch 3-2 Practice Exercises Print Item eBook Show Me How Calculator 1. PE.03-01A Adjustment for Unearned Revenue On June 1, 2019, Herbal Co. received $42,700 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 2019. Round your answers to the nearest dollar amount. 2. .03-02A 3. .03-03.ALGO Rent Earned Dec. 31 4. PE.03-04.ALGO Rent Revenue 5. PE.03-05.ALGO Feedback 6. .03-06-ALGO 7 Cheak My Work 7. PE.03-07.ALGO Set up an Unearned Fees T-account. Recall that the unearned revenue account is decreased (debited) for the amount of the revenue that has been earned, and the related revenue account is increased (credited). The balance before adjustment will be the normal balance for the unearned liability account. The number given for the end of the year is to be the new balance after adjusting out the revenue earned. What amount is this difference between the pre-adjustment balance and the post-adjustment balance? Complete your adjusting entry by making sure that it affects at least one income statement account and one balance sheet account. Check My Work 1 more Check My Work uses remaining. Previous Next Progress: 5/7 items Assignment Score: 60.71% All work saved. Save and Exit Submit Assignment for GradingExplanation / Answer
Adjusting entry :
Date account and explanation debit credit Dec 31 Unearned rent (42700*7/12) 24908 Rent revenue 24908 (To record adjusting entry) Dec 31 Supplies expense (8940+4830-4680) 9090 Supplies 9090 (To record supplies adjusted) Dec 31 Depreciation expense 5420 Accumlated depreciation 5420 (To record depreciation expense)Related Questions
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