Question: Hello these are some questions from a study guide, if i could get instrucitons on what to do or on how to solve these questions
Hello these are some questions from a study guide, if i could get instrucitons on what to do or on how to solve these questions it wold be bery helpful, thank you.
All the questions below are worth 2.5 points except for #8 which is worth 5 points. 1. Make the adjusting entry for one month rent expense when there is a balance in prepaid rent. (Must calculate the amount of the entry)
2. Entry for advance payment of services.
3. Adjusting entry for when unearned rent is earned. Pay close attention to the months prepaid for your calculations. (Must calculate the amount of the entry)
4. Make the adjusting entry for supplies. (Must calculate the amount of the entry.
5. Given annual depreciation expense make the adjusting for: a. The full year. b. One month.
6. Make the adjusting entry for accrued interest. a. Then make the entry showing payment of the liability recorded in the above adjusting entry.
7. Given the beginning balance in prepaid insurance at the beginning of the year, additional debits to the account throughout the year, and the ending balance. Prepare the adjusting entry for insurance expense.
8. Given the unadjusted balance in unearned fees and the amount that should be in the account after the adjustment, prepare the adjusting entry.
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