Adjusting the Accounts Exercise 1 From each of the following December 31 adjustingjournal entries, prepare the original journal entry that was recorded by supplyingthe blanks provided. The first one is already donefor you. You may print and write the answers or encode the answers immediately. 1. Prepaid Insurance 240 Insurance Expense 240 2. Supplies Expense Supplies 1,200 1,200 3. Rent Revenue 6,300 Unearned Rent Revenues 6,300 4. Unearned Commissions Revenue 4,200 Commissions Revenue 4, 200 Additional Information: Yearly insurance premium is effective and payable every March 1. Supplies are purchased every May 1 and are used evenlythroughout the year. • Annual rent is received every April 1. Commissions are collected every June1 and earned evenly throughout the year.
Adjusting the Accounts Exercise 1 From each of the following December 31 adjustingjournal entries, prepare the original journal entry that was recorded by supplyingthe blanks provided. The first one is already donefor you. You may print and write the answers or encode the answers immediately. 1. Prepaid Insurance 240 Insurance Expense 240 2. Supplies Expense Supplies 1,200 1,200 3. Rent Revenue 6,300 Unearned Rent Revenues 6,300 4. Unearned Commissions Revenue 4,200 Commissions Revenue 4, 200 Additional Information: Yearly insurance premium is effective and payable every March 1. Supplies are purchased every May 1 and are used evenlythroughout the year. • Annual rent is received every April 1. Commissions are collected every June1 and earned evenly throughout the year.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business
Section: Chapter Questions
Problem 7SEB
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