Solution:
Rent expense for the month of May = $13,300 - $10,255 = $3,045
Correct monthly adjusting journal entry at May 31 20X6 with respect to prepaid rent is "Debit rent expense $3,045 and credit prepaid rent for $3,045"
Hence option a is correct.
At May 31, 20x6, the unadjusted trial balance of Brook Corporation has a debit balance of...
At May 31, 20x6, the unadjusted trial balance of Brook Corporation has a debit balance of $14938 in the prepaid rent account. At May 31, 20x6, $9157 of the balance in the prepaid rent account had not been used. Brook Corp. prepares adjusting journal entries monthly. Which of the following would be the correct monthly adjusting journal entry at May 31, 20x6, with respect to this prepaid rent? Select one: O a. Debit Prepaid Rent $5781 and Credit Rent Expense...
The December 31, 2018, unadjusted trial balance for Demon Deacons Corporation is presented below. Debit Credit Cash Accounts Recelvable Prepaid Rent S 9,600 14,600 6,720 3,600 Deferred Revenue Common Stock Retained Earnings Service Revenue Salaries Expense $ 2,600 10,000 5,600 49,320 33,000 $67,520 $67,520 At year-end, the following additional information is available a. The balance of Prepaid Rent, $6,720, represents payment on October 31, 2018, for rent from November 1, 2018, to April 30, 2019. b. The balance of Deferred...
The December 31, 2018, unadjusted trial balance for Demon Deacons Corporation is presented below Debit Credit Accounts Cash $9,600 4,600 6,720 3,500 Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earmings Service Revenue Salarles Expense $2,600 10,000 5.600 49,320 33,000 $67,520 $67,520 At year-end, the following additional information is available: a. The balance of Prepaid Rent, $6,720, represents payment on October 31, 2018, for rent from November 1, 2018, to April 30, 2019. b. The balance of Deferred Revenue, $2,600,...
The unadjusted trial balance for Flint Corporation is shown below. FLINT CORPORATION Trial Balance October 31, 2017 Debit Credit Cash $15,840 Supplies Prepaid Insurance 2.910 690 5.430 Equipment Notes Payable $5.430 Accounts Payable 2740 Unearned Service Revenue 2.180 Common Stock 10,730 Retained Earnings Dividends 500 Service Revenue 13,830 Salaries and Wages Expense 4,000 Rent Expense 5 540 $34,910 $34.910 Assume the following adjustment data, 1. Supplies on hand at October 31 total 5700 2. Expired insurance for the month is...
The unadjusted trial balance for a company as of December 31, 2015 appears below. Debit Credit Cash $1,200 900 Accounts Receivable Prepaid Insurance Supplies Land Office Furniture 900 2,000 10,000 4,500 Accounts Payable 900 Unearned Revenue 1,500 Note Payable 5,500 Common Stock 3,000 Retained Earnings 7,400 Dividends 1,100 Service Revenues 4,100 Rent Expense 600 Salaries Expense 1.200 $22,400 $22,400 Additional Information: 1. The Company paid $900 for a one-year insurance policy on July 1, 2015 2. The office furniture was...
The unadjusted trial balance of the Contracts Plus Company as of December 31 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Contracts Plus Company 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count supplies on hand total $3,150. Review...
The unadjusted trial balance of the Contracts Plus Company as of December 31 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Contracts Plus Company. 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total $3,150. Review...
The unadjusted trial balance of the Contracts Plus Company as of December 31 is found on the trial balance tab. The following Information is required to prepare the necessary adjusting entries for the Contracts Plus Company 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total $3,150. Review...
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The unadjusted trial balance for Sarasota Corp. is shown below. SARASOTA CORP. Trial Balance October 31, 2022 Debit Credit Cash $15,140 Supplies 3,010 Prepaid Insurance 660 Equipment 5,170 Notes Payable $5,170 Accounts Payable 2,530 Unearned Service Revenue 1,260 Common Stock 10,510 Retained Earnings 0 Dividends 540 Service Revenue 10,000 Salaries and Wages Expense 4,000 Rent Expense 950 $29,470 $29,470 Assume the following adjustment data. 1. Supplies on hand at October 31 total $580. 2. Expired insurance for the month is...