thomeworkld-493081701&aquestionld-9&flushed-truecld-5112246& centerwin yes Secur
ID: 2331413 • Letter: T
Question
thomeworkld-493081701&aquestionld-9&flushed-truecld-5112246& centerwin yes Secure https:/ Principles of Financial Accounting-Fall, 2018 Section 902 Homework: Assignment 3 6 of 7 (5 complete) Score: 0 of 3 pts E3-21A (similar to) Harmison Rentals Company faced the following situations (Cick the icon to view the shuations ) Requirement 1. Journalize the adjustng entry needed at December 31,2020, for each situation Consider oach fact separately (Record debits first, then credits Exclude explanations from any journal entries a. The buisiness has interest expense of $3,700 that it must pay early in January 202 More Info Journal Entry Debit Credit a. The business has interest expense of $3,700 that it must pay early in January 2021 b. Interest sevenue of $4,700 has been earned but not yet received e. On July 1, 2020, when the business collected $12.000 rent in advance, it debited Cash and credited Unearned Rent Revenue The tenant was paying for two years' rent d. Salary expense in 6,100 per day Monday through Friday-and the business pays employees each Friday This year, December 31 tals on a Thursday . The unadusted balance of the Supples account n $2,000 The total cost of supplies on hand is $1,800 t. Equipment was purchased on January 1 of tis year at a cost of $80,000 The equipments useful sfe is five years There is no resisual value Record deprecsation for this year and then determine the equpments book value Print DoneExplanation / Answer
Date Account title and explanation Debit Credit a Interest expense 3700 Interest Payable 3700 (To record interest payable) b Accounts Receivable 4700 Interest Revenue 4700 (To record interest revenue) c Unearned Rent Revenue 3000 12000*(6/24) Rent Revenue 3000 (To record rent revenue) d Salary Expense 24400 Salary Payable 24400 (To record salary expense) e Supplies Expense 800 Supplies 800 (To record supplies consumed) f Depreciation expense 16000 (80000/5) Accumulated Depreciation - Equipment 16000 (To record depreciation expense)
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.