Journalize the adjusting entry needed at March 31, the fiscal year-end, for each of the following independent
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a. On February 1, we collected $3,600 rent in advance. We debited Cash and credited Unearned Rent Revenue. The tenant was paying six months’ rent in advance.
b. The business holds a $20,000 note receivable. Interest revenue of $650 has been earned on the note but not yet received.
c. Salaries expense is $2,400 per day, Monday through Friday, and the business pays employees each Friday. This year, March 31 falls on a Tuesday.
d. The unadjusted balance of the Supplies account is $1,800. Supplies on hand total $500.
e. Equipment was purchased two years ago at a cost of $45,000. The equipment’s useful life is ten years.
f. On November 1, when we prepaid $1,500 for a one-year insurance policy, we debited Prepaid Insurance and credited Cash.
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Journal DATE ACCOUNTS POST REF Dr Cr a Unearned rent ...View the full answer
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Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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