Select accounts of Burger Express are shown below as of December 31, 20X9, before any accounts...

 

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Select accounts of Burger Express are shown below as of December 31, 20X9, before any accounts have been adjusted for the current fiscal year. Prepaid rent 103,680 Accumulated depreciation - Van Accumulated depreciation - Stoves Gift Debit Credit certificates unearned revenue 16,500 29,250 4,680 Your analysis reveals additional information as follows: Your analysis reveals additional information as follows: • On June 1, 20X9, the company prepaid rent of $8,640 per month for a 12-month lease on its building. The company bought the van on January 1, 20X7 for the cost of $132,000. The van is expected to last eight years. The company's policy is to record depreciation evenly over the asset's useful life. No depreciation has been recorded during fiscal year 20X9. . • When purchased on January 1, 20X6, the stoves had expected lives of 10 years. The company's policy is to record depreciation evenly over the asset's useful life. No depreciation has been recorded on the stoves during fiscal 20X9. • The company sells numbered gift certificates in $60 denominations. At year-end there were 30 unredeemed gift certificates. Required: Prepare journal entries for any required accounting adjustments Select accounts of Burger Express are shown below as of December 31, 20X9, before any accounts have been adjusted for the current fiscal year. Prepaid rent 103,680 Accumulated depreciation - Van Accumulated depreciation - Stoves Gift Debit Credit certificates unearned revenue 16,500 29,250 4,680 Your analysis reveals additional information as follows: Your analysis reveals additional information as follows: • On June 1, 20X9, the company prepaid rent of $8,640 per month for a 12-month lease on its building. The company bought the van on January 1, 20X7 for the cost of $132,000. The van is expected to last eight years. The company's policy is to record depreciation evenly over the asset's useful life. No depreciation has been recorded during fiscal year 20X9. . • When purchased on January 1, 20X6, the stoves had expected lives of 10 years. The company's policy is to record depreciation evenly over the asset's useful life. No depreciation has been recorded on the stoves during fiscal 20X9. • The company sells numbered gift certificates in $60 denominations. At year-end there were 30 unredeemed gift certificates. Required: Prepare journal entries for any required accounting adjustments

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Here are the journal entries for the required accounting adjustm... View the full answer