Question

For each of the following transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at the end of the month on October 31:
a. Collected $ 2,400 rent for the period October 1 to December 31, which was credited to Unearned Revenue on October 1.
b. Paid $ 1,200 for a two- year insurance premium on October 1 and debited Prepaid Insurance for that amount.
c. Used a machine purchased on October 1 for $ 48,000. The company estimates annual depreciation of $ 4,800.


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  • CreatedNovember 02, 2015
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