Huang Companys reporting year-end is December 31. Below are the unadjusted and adjusted trial balances for December
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Huang Company’s reporting year-end is December 31. Below are the unadjusted and adjusted trial balances for December 31, 2024.
Required:
Prepare the adjusting journal entries that were recorded on December 31, 2024.
Transcribed Image Text:
Account Title Cash Accounts receivable Prepaid rent Supplies Inventory Notes receivable Interest receivable Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred rent revenue Common stock Retained earnings Sales revenue Rent revenue Interest revenue Cost of goods sold Salaries and wages expense Rent expense Depreciation expense Supplies expense Interest expense Advertising expense Totals Unadjusted Debits $ 50,000 35,000 2,000 1,500 60,000 30,000 0 45,000 126,000 45,000 11,000 1,100 5,400 3,000 $415,000 Credits $ 15,000 34,000 0 50,000 0 2,000 46,000 20,000 244,000 4,000 0 $415,000 Adjusted Debits $ 50,000 35,000 1,200 800 60,000 30,000 1,500 45,000 126,000 51,200 11,800 6,500 1,800 7,900 3,000 $431,700 Credits $ 21,500 34,000 6,200 50,000 2,500 0 46,000 20,000 244,000 6,000 1,500 $431,700
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Rent expense Prepaid rent Supplies expense Supplies Interest ...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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