Question

Journal entry worksheet Record the $2,100 rent paid for 3 months on January 1. Note: Enter debits before credits. General Journal Debit Credit Date Jan 31 . Record entry Clear entry

Answer 1

SOLUTION : 1
Journal Entries
Date	Account Title and explanation	Debit	Credit
January , 31	Rent Expenses (2,100 / 3 Months = $ 700 Per month)	$                    700
	Prepaid Expenses		$                      700
SOLUTION : 2
Journal Entries
Date	Account Title and explanation	Debit	Credit
January , 31	Cash	$                    600
	Account Receivable ($ 60 X 8)		$                      480
	Unearned Revenue ($ 60 X 2)		$                      120
SOLUTION : 3
Journal Entries
Date	Account Title and explanation	Debit	Credit
January , 31	Cash	$                1,800
	Advance Salary		$                  1,800
SOLUTION : 4
Journal Entries
Date	Account Title and explanation	Debit	Credit
January , 31	Interest Expenses($ 10,000 X 1% )	$                    100
	Interest Payable		$                      100
	Note: 12% for 12 months it means 1% for 1 month
SOLUTION : 5
Journal Entries
Date	Account Title and explanation	Debit	Credit
January , 31	Account Receivable	$                2,000
	Service Revenue		$                  2,000