Consider the following independent situations at December 31: Click the icon to

Question

Consider the following independent situations at December 31: Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit (a) Dec. 31 Unearned Revenue 975 Rent Revenue 975 To record rent revenue that was collected in advance. b. Salaries expense is $1,900 per day-Monday through Friday-and the business pays employees each Friday. This year December 31 falls on a Thursday Debit Credit Date Accounts and Explanation b) Dec. 31 Choose from any list or enter any number in the input fields and then click Check Answer.

Explanation / Answer

Adjusting entry :

Date account and explanation debit credit Dec 31 Unearned revenue (3900*3/12) 975 Rent revenue 975 (To record rent revenue) Dec 31 Salary expense (1900*4) 7600 Salary payable 7600 (To record salary expense) Dec 31 Office supplies expense (3500-1700) 1800 Office supplies 1800 (To record office supplies expense) Dec 31 Depreciation expense 800 Accumlated depreciation-equipment 800 (To record depreciation expense) Dec 31 Insurance expense (1440*6/24) 360 Prepaid insurance 360 (To record insurance expense)

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