Reference no: EM132741572
Problem 1: Journalize the adjusting entry needed at December 31 for each of the following independent situation.
a. On June 1,when we collected $ 48,000 rent in advance ,we debited Cash and created Unearned Rent Revenue. The tenant was paying for 1 year rent in advance. At December 31, we must account for the amount of rent we have earned.
b. Interest revenue of $2,400 has been earned but not yet received on a $60,000 note receivable held by the business.
C. Salaries expense is $7,500vper day-Monday through Friday and the business pays employees each Friday. This year December 31 falls on a Wednesday.
d. Equipment was purchased last year at a cost of $200,000. The equipment's useful life is a five years. It will have no value after five year. Record the year's amortization.
e. On September 1, when we paid $6000 for a 1year insurance policy,we debited Prepaid Insurance and credited Cash.
f. The business owes interest expense of $7,200 that it will pay early in the next period.
g. The unadjusted balance of the Supplies account is $13,500. The total cost of supplies remaining on December 31 is $4,500.
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