Adjusting the Accounts Exercise 1 From each of the following December 31 adjustingjournalentries, 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 Insurance Expense 240 240 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 evenly throughout the year. Annual rent is receivedevery April 1. • Commissions are collected every June 1 and earned evenly throughout the year.

Adjusting the Accounts Exercise 1 From each of the following December 31 adjustingjournalentries, 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 Insurance Expense 240 240 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 evenly throughout the year. Annual rent is receivedevery April 1. • Commissions are collected every June 1 and earned evenly throughout the year.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 1QY: Determine the balance of the following T account: 94,100 debit 54,900 debit 133,300 credit 54,900...

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