Reference no: EM131223072
Dellroy Rentals Company faced the following situations. Journalize the adjusting entry needed at December 31, 2016, for each situations. Consider each fact seperately.
a. The business has interest expense of $3,200 that it must oay early in January 2017.
b. Interest revenue of $4,100 has been earned but not yet recieved.
c. On Huky 1, 2016, when the business colected $12,000 rent in advance, it debited Cash and credited Unearned Rent Revenue. The tenant was paying gor two years' rent.
d. Salary expense is $6,100 per day--Monday through friday--and the business pays employees each friday. This year, December 31 falls on a Thursday.
e. The adjusted balance of the Supplies account is $3,200. The total cost of supplies on hand is $1,300.
f. Equipment was purcashed on January 1 of this year at a cost of $180,000. The equipment's useful life is five years. There is no residual value. Record depreciation for this year and then determine the equipments book value.
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: Dellroy Rentals Company faced the following situations. Journalize the adjusting entry needed at December 31, 2016, for each situations. Consider each fact seperately. The business has interest expense of $3,200 that it must oay early in January 2017..
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