Consider the following independent situations at December 31: a. On October 1, a business collected $3,000...

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Consider the following independent situations at December 31: a. On October 1, a business collected $3,000 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. On December 31, the business must account for the amount of rent it has carned. b. Salarics expense is $1,800 per day-Monday through Friday-and the business pays employces cach Friday. This ycar, December 31 falls on a Thursday. c. The unadjusted balance of the Office Supplies account is $3,000. Office supplies on hand total $1,900. d. Equipment depreciation was $500. e. On April 1, when the business prepaid $4,320 for a two-ycar insurance policy, the business debited Prepaid Insurance and credited Cash. Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. Consider the following independent situations at December 31: a. On October 1, a business collected $3,000 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. On December 31, the business must account for the amount of rent it has carned. b. Salarics expense is $1,800 per day-Monday through Friday-and the business pays employces cach Friday. This ycar, December 31 falls on a Thursday. c. The unadjusted balance of the Office Supplies account is $3,000. Office supplies on hand total $1,900. d. Equipment depreciation was $500. e. On April 1, when the business prepaid $4,320 for a two-ycar insurance policy, the business debited Prepaid Insurance and credited Cash. Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries.

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aUnearned Revenue Ac Dr 750 To Rent Received 750 Being the amou... View the full answer