Prepare the annual adjusting entries for the following transactions: a. On August 1, Johnson paid one year
Question:
a. On August 1, Johnson paid one year in advance for office space. The Prepaid Rent account and Cash accounts in the amount of $24,000 were used to record the payment.
b. On October, Johnson received payment in advance for services to be performed over the next 12 months. The amount was $12,000 and the Cash and Unearned Fee Revenue accounts were used.
c. As of December 31, Johnson had not recorded unpaid wages of $500.
d. During November and December, Johnson provided services to a client in the amount of $5,400 but had not yet billed the client.
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Date Accounts Titles and Explanation Debit Credit 31Dec Rent ...View the full answer
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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