Module 6 Homework Use complete sentences, Show and label all work to receive any

Question

Module 6 Homework Use complete sentences, Show and label all work to receive any credit for the homework 6. For each of the following situations determine the necessary adjusting entry for the one month a. Swim Sport Magazine is a monthly magazine covering competitive swimming sports. In ended March 31 January they received $20,000 as prepaid amounts from numerous customers for one year subscriptions to begin in February b. The March water bill for Wayne Co. was received on April 10th c. Caprock Industries borrowed $50,000 on February 1. Terms call for the repayment of all of the d. On February 2, Kamptocook Kamps received an $8,000 deposit from a customer enrolling e. Rothwell Landscapes Inc. cleaned and maintained an irrigation system for a customer on principal and 5% interest in one payment on December 1 of the current year their child in a sports camp to run the last week of March and the first week of April. March 30th, As of March 31st, a bill had not yet been sent.

Explanation / Answer

Debit Credit

a. Subscription Advance A/c 1667

To Subscriptions A/c 1667

b. Expenses A/c Dr.

To Expenses Payable

c. Interest A/c   

To Interest Payable

d. Deposit A/c Dr. 4000

To Advance Deposit 4000

e. No journal entry required

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