A firm debits Administrative Expenses for $6,000 for a microcomputer acquired on July 1, Year 3. The microcomputer has an expected useful life of 3 years and zero estimated salvage value. c. A firm rents out excess office space for the 6-month period beginning January 1, Year 3. It received the rental check for this period of $600 on December 26, Year 2, and correctly credited Advances from Tenants. It made no further journal entries during Year 3. d. Interest on Notes Receivable of $500 had accrued by December 31, Year 3, but the firm overlooked making an entry to record this interest. e. A firm receives a check for $250 from a customer on December 31, Year 3, in settlement of an account receivable. The firm recorded this entry with a credit to Sales. f. A firm records as $470 an expenditure of $740 for travel during December, Year 3.

Answer rating: 100% (QA)

c The correct adjusting entry for the rental of excess office space for the 6month period beginning ... View the full answer