Homework Answers
Answer:
|
Prepaid Rent Balance |
|
| a. Unadjusted trial balance at December 31,2018 | $34,500 |
| b. Adjusted trial balance at December 31,2018 | $23,000 |
|
Rent Expense Balance |
|
| a. Unadjusted trial balance at December 31,2018 | $0 |
| b. Adjusted trial balance at December 31,2018 | $11,500 |
Calculations:
Rent paid for 3 years is $34,500.
Rent expense for the year 2018= $34,500 ÷ 3 years = $11,500.
Balance in prepaid rent after rent expense for the year 2018 = $34,500 - $11,500 = $23,000
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Account
Debit
Credit
Cash
$19,000
Accounts
receivable
19,600
Supplies
3,000
Prepaid
rent
2,100
Equipment
37,000
Accumulated depreciation—equipment
$4,800
Accounts
payable
9,200
Interest
payable
1,050
Unearned
service revenue
1,000
Income
tax payable
2,400
Note
payable
18,000
Common
stock
15,000
Retained
earnings
5,000
Dividends
5,000
Service
revenue
99,050
Depreciation expense—equipment
1,900
Salary
expense
40,300
Rent
expense
11,000
Interest
expense
3,200
Insurance expense
3,800
Supplies
expense
2,100
Income
tax expense
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a. Accrued advertising revenue at October 31, $2,900
b. Prepaid rent expired during the month: The unadjusted prepaid
balance of $4,000 relates to the period October 2017 through
January 2018.
c. Supplies used during October, $200
d. Depreciation on computers for the month: The computers’
expected useful life is three years.
e. Accrued salary expense at October 31 for Monday through
Thursday; the five-day weekly payroll is $2,000.
Required:
Prepare the adjusting journal entries.
On the worksheet (draw...
Account
Debit
Credit
Cash
$19,000
Accounts
receivable
19,600
Supplies
3,000
Prepaid
rent
2,100
Equipment
37,000
Accumulated depreciation—equipment
$4,800
Accounts
payable
9,200
Interest
payable
1,050
Unearned
service revenue
1,000
Income
tax payable
2,400
Note
payable
18,000
Common
stock
15,000
Retained
earnings
5,000
Dividends
5,000
Service
revenue
99,050
Depreciation expense—equipment
1,900
Salary
expense
40,300
Rent
expense
11,000
Interest
expense
3,200
Insurance expense
3,800
Supplies
expense
2,100
Income
tax expense
7,500
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