I.

Adjusting Journal entries:

1. On July 1st, Primrose Parker signed a lease and paid $100,000 in cash for three months of rent. The lease term is for three months, beginning on July 1st. Required: Prepare the transaction journal entry on July 1st and the adjusting journal entry on July 31st.

2. Logan's Legal Service provided legal services for Tara Taylor during August. This revenue has not been recorded as of August 31st. Required: Prepare the adjusting journal entry on August 31st.

3. During the last week of September, Ace Incorporated employees earned $100,000. The salaries have yet to be recorded or paid as of September 30th. Required: Prepare the adjusting journal entry on September 30th.

4. On May 1st, Acme Company purchased supplies for $20,000 cash. During the month Acme used $6,000 worth of supplies. Required: Prepare the transaction journal entry on May 1st and the adjusting journal entry on May 31st.

5. During April, Beta Corporation received $20,000 in plumbing services. The plumbing expense has yet to be recorded or paid as of April 30th. Required: Prepare the adjusting journal entry on April 30th.

6. On October 1st, a customer paid Carter Company a $50,000 cash advance. During the month, Carter Company provided the customer $30,000 in services. Required: Prepare the transaction journal entry on October 1st and the adjusting journal entry on October 31st.

7. The depreciation expense for Douglass Company for November is $10,000. Required: Prepare the adjusting entry for depreciation expense on November 30th.