Question: On Febraury 1, Risa Inc purchases a one year Amazon Prime membership for $120 cash. Prepare the adjusting journal entry Risa should record on February

On Febraury 1, Risa Inc purchases a one year Amazon Prime membership for $120 cash. Prepare the adjusting journal entry Risa should record on February 29 related to this transaction.

(Answer choices-

DR: Accrued Expenses, Prepaid Expenses, Cash & Expense (first blank)

120 or 10 (second black)

CR: Cash, Prepaid Expenses, Expense, Accrued Expenses (third blank)

120 or 10 (fourth blank)

On Febraury 1, Risa Inc purchases a one year Amazon Prime membership

On February 1, Risa Inc purchases a one year Amazon Prime membership for $120 Cash. Prepare the adjusting journal entry Risa should record on February 29 related to this transaction. DR: Select) 10 CR: [Select] 10

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

On February 1, Risa Inc. purchases a one year Amazon Prime membership for $120 Cash. Prepare the journal entry to record the February 1 transaction. DR: Expense, Cash, Prepaid Expense, or Accrued...

On February 1, Risa Inc. purchases a one year Amazon Prime membership for $120 Cash. Prepare the adjusting journal entry Risa should record on February 29 related to this transaction. DR: Cash,...

1. Baker Company has the following items related to cash on its trial balance on December 31 of the current year: Cash in Drawer Checking Prime Bank $ 1.500,00 Checking-Harvest Bank 26,675.00...

QUESTION: 2. JOURNAL ENTRY LIST - RECORD ENTRIES FROM THE TRANSACTION AND EVENT LIST 2. Journal Entry List Record entries from the transaction and event list provided below in proper journal entry...

Prepare: Financial Statements: Comparative Income Statement and Balance Sheet Ratio Analysis: Liquidity, Profitability, Solvency Supplemental Data: includes journal entries, a list of T accounts,...

I need answers to these. Show work when necessary. Please work out all problems. Name______________________ ACC121 Comprehensive Final Multiple choice 5 points each 325 points 1. Which financial...

23. eBook Exercise 8-31 Amortization of Intangible Assets Ramon Productions purchased the copyright to a film script for $264,000 on July 1. The copyright protects the owners' legal rights for the...

If the production efficiency locus in the Edgeworth box diagram were the diagonal of the box, what would be the shape of the production-possibilities frontier, assuming constant returns to scale in...

Company's current cash flow is $100 now. Next year cash flow will be $200. The vear after next vear cash flow will be $300. After two ear cash flow will increase with 10% growth rate. The company's...

12. LO.4 Discuss at what point in time a casualty loss generally is recognized.

QUESTION 1 1 . 1 Define Material Handling as it relates to Facilities Planning. 1 . 2 Elaborate four objectives of Facilities Planning. 1 . 3 Differentiate the five Production Layout types and for...

b. Did you suppress any of your anger? Explain.

2. Some people can benefit from multiple mentors. What other types of mentors, in addition to Professor Zubofff and her husband, might Edward find helpful?

1. Professor Zuboff says Edward was haunted by the sense of not knowing what he didnt know or how to learn it. Is it possible that many employees in todays labor force suffer from that same fear?...