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

Date Account Titles and Explaination Debit Credit 1    July 1 Prepaid lease expense a/c $240,000 Cash a/c $240,000 [being payment for entire lease paid] July 31 Lease expense a/c [$240,000 x (1 month ÷ 24 months] $10,000 Prepaid lease expense a/c $10,000 [Being lease expense related to July recognised] 2 June 1 Supplies a/c $10,000 Cash a/c $10,000 [Being supplied purchased for cash] June 30 Supplies expenses a/c [$10,000 - $4,000] $6,000 Supplies a/c $6,000 [Being supplies used during june expensed] 3 April 1 Cash a/c $50,000 Cash advance a/c $50,000 [Being cash advance received] April 30 Cash advance a/c $30,000 Service revenue a/c $30,000 [Being revenue for service rendered during april recognised] 4 Sept. 30 Wages expense a/c $40,000 To Wage payable a/c $40,000 [Being wage expense recognised for september]

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