1. On October 25, 20X1, the company paid $35,400 rent in advance for the six-month period November 20X1 through April 20X2. On December 31, 20X1, the adjustment for expired rent would include:

A. a $5,900 credit to Prepaid Rent.

B. an $11,800 credit to Rent Expense.

C. a $35,400 credit to Cash.

D. an $11,800 debit to Rent Expense.

2.

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Use the following account balances from the adjusted trial balance of Backyard Wholesalers: Cash Account Accounts receivable Accounts payable W. Mitchell, Capital W. Mitchell, Drawing Fees revenue Advertising expense Travel expense Shipping expense Computer software expense Debit Balance Credit Balance $ 4,200 $ 300 $ 1,100 $ 4,400 $ 900 $ 13,200 $ 8,100 $ 4,200 $ 300 $ 400 What is the balance of the W. Mitchell, Capital account at year-end for Backyard Wholesalers? Use the following account balances from the adjusted trial balance of Backyard Wholesalers: Cash Account Accounts receivable Accounts payable W. Mitchell, Capital W. Mitchell, Drawing Fees revenue Advertising expense Travel expense Shipping expense Computer software expense Debit Balance Credit Balance $ 4,200 $ 300 $ 1,100 $ 4,400 $ 900 $ 13,200 $ 8,100 $ 4,200 $ 300 $ 400 What is the balance of the W. Mitchell, Capital account at year-end for Backyard Wholesalers?

Answer rating: 100% (QA)

1 The adjustment for expired rent on December 31 20X1 would involve recognizing the ... View the full answer