Madisson’s Flower Shop’s Prepaid Rent balance is $5,400 on July 1. This prepaid rent represents nine months’ rent. Journalize and post the adjusting entry on July 31 to record one month’s rent. Compute the balances of the two accounts involved on July 31.
Answer to relevant QuestionsMadisson’s Flower Shop’s Office Supplies balance on October 1 is $1,500 and the balance in Office Supplies Expense is $0. On October 31, there is $500 of supplies on hand. Journalize and post the adjusting entry on ...The following selected accounts and balances appear on the adjusted trial balance forSparkle, Inc., on July 31, 2012:Service Revenue ........................................ $ 1,900Rent ...Journalize the adjusting entry needed at March 31, the fiscal year-end, for each of the following independent situations. No other adjusting entries have been made for the year.a. On February 1, we collected $3,600 rent in ...The following post-closing trial balance was prepared for Sitting Pretty Portraits, Inc. Prepare a corrected post-closing trial balance. Assume all accounts have normal balances and the amounts arecorrect.Beta Guard, Inc., began the year with $18,000 of common stock and $24,000 of retained earnings. On September 5, investors bought $17,000 of additional stock in the business. On November 22, the business purchased land valued ...
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