1.gillian \'s gandemin signed a lease on july 1st and paid $240,000 in cash. The

Question

1.gillian 's gandemin signed a lease on july 1st and paid $240,000 in cash. The term of lease is 2 years beginning on July 1st Prepare the appropriate journal entries for July 1st and 31st 2 june's jellies purchased supplies for $10,000 cash on June 1st 4,000 work of supplies remained at june's jellies on June 30h Prepare the appropriate journal entries for June 1st and June 30th. 3 cana's cake received a cash advance of $50,000 from rose's restaurants for baking services to be provided in the future. The cash advance was received on April 1st during April cara's provide $30,000 work of services to rose restaurants during April. Prepare the appropriate journal entries for April 1st and 30th, allie;s advertising employees earned $40,000 in September. These wage will be paid with the first payroll in October. Prepare the appropriate journal entry for September 30th

Explanation / Answer

Answers

Question No.

Date

Accounts title

Debit

Credit

Working, if any

1

01-Jul

Prepaid Rent

$             240,000.00

Cash

$                   240,000.00

(cash paid in advance for 2 years)

31-Jul

Rent Expense

$               10,000.00

[240000 x 1 month/24 months]

Prepaid Rent

$                    10,000.00

(prepaid rent expired for 1 month)

2

01-Jun

Supplies

$               10,000.00

Cash

$                     10,000.00

(Supplies purchased)

30-Jun

Supplies expense

$                 6,000.00

[10000 purchased - 4000 remaining = 6000 consumed]

Supplies

$                       6,000.00

(Supplies consumed)

3

01-Apr

Cash

$               50,000.00

Unearned Revenue

$                     50,000.00

(cash received in advance)

30-Apr

Unearned Revenue

$               30,000.00

Service Revenue

$                     30,000.00

(service provided in april)

4

30-Sep

Wages expenses

$               40,000.00

Wages payable

$                     40,000.00

(expenses accrued to be paid in October)

Question No.

Date

Accounts title

Debit

Credit

Working, if any

1

01-Jul

Prepaid Rent

$             240,000.00

Cash

$                   240,000.00

(cash paid in advance for 2 years)

31-Jul

Rent Expense

$               10,000.00

[240000 x 1 month/24 months]

Prepaid Rent

$                    10,000.00

(prepaid rent expired for 1 month)

2

01-Jun

Supplies

$               10,000.00

Cash

$                     10,000.00

(Supplies purchased)

30-Jun

Supplies expense

$                 6,000.00

[10000 purchased - 4000 remaining = 6000 consumed]

Supplies

$                       6,000.00

(Supplies consumed)

3

01-Apr

Cash

$               50,000.00

Unearned Revenue

$                     50,000.00

(cash received in advance)

30-Apr

Unearned Revenue

$               30,000.00

Service Revenue

$                     30,000.00

(service provided in april)

4

30-Sep

Wages expenses

$               40,000.00

Wages payable

$                     40,000.00

(expenses accrued to be paid in October)

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