Journalize the adjusting entry needed on December $31$ for each situation. Use the letters to label the journal entries. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

a$.$ On April $1,$ a business collected $$6,900$ rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. At December $31,$ the business must account for the amount of rent it has earned.

More info

Demodocs example Get more help

a$.$ On April $1,$ a business collected $$6,900$ 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 earned.

b$.$ Salaries expense is $$1,800$ per day$$Monday through Friday$$and the business pays employees each Friday. This year December $31$ falls on a Thursday.

c$.$ The unadjusted balance of the Office Supplies account is $$2,900.$ Office supplies on hand total $$1,200.$

d: Equipment depreciation was $$700$

e$.$ On October $1,$ when the business prepaid $$4,320$ for a two$-$year insurance policy the business debited Prepaid Insurance and credited Cash.