When the accounts of Indiga Inc. are examined, the adjusting data listed bnlow are uncovaered on...
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When the accounts of Indiga Inc. are examined, the adjusting data listed bnlow are uncovaered on December 31, the end of an annual fiscal period. 1. The prepaid insurance account shows a cebit of $6,864, representing the cost of a 2-year fire insurance policy dated August 1 of the current year. 2. On November 1, Rent Revenue was credited for $1,872, representing revenue from a subrental for a 3-month period beginning on that date. 3. Purchase of advertising meterials for $732 during the year was recorded in the Advertising Expense account. On December 31, advertising materials of s285 are on hand. 4. Interest of $715 has accrued on notes payabie. Prepare the follawing in general journal form. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) (a) The adjusting entry for each Item. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. (b) The reversing entry for each item where appropriate. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. When the accounts of Indiga Inc. are examined, the adjusting data listed bnlow are uncovaered on December 31, the end of an annual fiscal period. 1. The prepaid insurance account shows a cebit of $6,864, representing the cost of a 2-year fire insurance policy dated August 1 of the current year. 2. On November 1, Rent Revenue was credited for $1,872, representing revenue from a subrental for a 3-month period beginning on that date. 3. Purchase of advertising meterials for $732 during the year was recorded in the Advertising Expense account. On December 31, advertising materials of s285 are on hand. 4. Interest of $715 has accrued on notes payabie. Prepare the follawing in general journal form. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) (a) The adjusting entry for each Item. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. (b) The reversing entry for each item where appropriate. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4.
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a No Account Titles and Explanation Debit Credit 1 Insurance Expense5280 524 1100 Prepaid Insura... View the full answer
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
Posted Date:
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