6. (5 points) Olaf Company began operations December 1, 2020 and has a December 31 year-end.....

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6. (5 points) Olaf Company began operations December 1, 2020 and has a December 31 year-end.. Below are select entries (both debits and credits) from December 2020 and January 2021 in T-account form. The entries may reflect adjusting entries as well as other transactions or events. CASH (1) 12/3/20 100,000 12,000 (2) 12/17/20 (3) 12/20/20 (5) 12/3/20 (6) 12/3/20 (4) 12/3/20 (10) 1/8/21 1. 2. 3. 4. 5. 6. 7. 8. 9. 1,000 500 10. 500 10,000 SUPPLIES 500 200 PREPAID RENT 10,000 2,000 EQUIPMENT 12,000 200 12/3/20 (4) 12/3/20 (5) 12/3/20 (6) ACCUMULATED DEPRECIATION UNEARNED REVENUE 300 500 12/31/20 (7) 12/31/20 (8) 12/31/20 (9) 12/20/20 (3) (9) 12/31/20 e. Investment by owner f. Equipment depreciation g. Equipment purchase h. Supplies purchase i. Supplies used (8) 12/31/20 COMMON STOCK 100,000 (7) 12/31/20 SERVICE REVENUE 1,000 300 DEPRECIATION EXPENSE 200 RENT EXPENSE 2,000 Required: Referring to the T-accounts, identify the appropriate explanation for each numbered entry by writing the explanation's letter (a-l) on the line. Provide only one explanation per entry. You may not use an explanation more than once. You will not use all the explanations. SUPPLIES EXPENSE 200 12/3/20 (1) 12/17/20 (2) b. a. Customer payment for services just performed (not billed) Customer payment for services previously performed and billed c. Customer payment for services to be performed in the future d. Dividends payment j. Rent for current month k. Rent for several months in future 1. Revenue earned relating to customer prepayment 1/8/21 (10) 6. (5 points) Olaf Company began operations December 1, 2020 and has a December 31 year-end.. Below are select entries (both debits and credits) from December 2020 and January 2021 in T-account form. The entries may reflect adjusting entries as well as other transactions or events. CASH (1) 12/3/20 100,000 12,000 (2) 12/17/20 (3) 12/20/20 (5) 12/3/20 (6) 12/3/20 (4) 12/3/20 (10) 1/8/21 1. 2. 3. 4. 5. 6. 7. 8. 9. 1,000 500 10. 500 10,000 SUPPLIES 500 200 PREPAID RENT 10,000 2,000 EQUIPMENT 12,000 200 12/3/20 (4) 12/3/20 (5) 12/3/20 (6) ACCUMULATED DEPRECIATION UNEARNED REVENUE 300 500 12/31/20 (7) 12/31/20 (8) 12/31/20 (9) 12/20/20 (3) (9) 12/31/20 e. Investment by owner f. Equipment depreciation g. Equipment purchase h. Supplies purchase i. Supplies used (8) 12/31/20 COMMON STOCK 100,000 (7) 12/31/20 SERVICE REVENUE 1,000 300 DEPRECIATION EXPENSE 200 RENT EXPENSE 2,000 Required: Referring to the T-accounts, identify the appropriate explanation for each numbered entry by writing the explanation's letter (a-l) on the line. Provide only one explanation per entry. You may not use an explanation more than once. You will not use all the explanations. SUPPLIES EXPENSE 200 12/3/20 (1) 12/17/20 (2) b. a. Customer payment for services just performed (not billed) Customer payment for services previously performed and billed c. Customer payment for services to be performed in the future d. Dividends payment j. Rent for current month k. Rent for several months in future 1. Revenue earned relating to customer prepayment 1/8/21 (10)

Answer rating: 100% (QA)

The exercise requires us to determine the explanation done by the accountant from the business transaction posted in using Taccounts Completeness is o... View the full answer