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Giant Corporation incurred the following transactions during their second year of business. Record the transactions in the space provided below  On Jan. 1st, purchased $1,500 in supplies for cash On July 1st, paid cash of $6,000 for the upcoming 12 months of rent On October 1st, received cash of $9,000 in advance for a six month consulting project At year end, a count revealed $600 of supplies remained. Record the adjustment. At year end, record the adjustment to recognize rent expense for transaction #2 At year end, record the adjustment to recognize revenue earned on transation #3

Giant Corporation incurred the following transactions during their second year of business. Record the transactions in the space provided below  On Jan. 1st, purchased $1,500 in supplies for cash On July 1st, paid cash of $6,000 for the upcoming 12 months of rent On October 1st, received cash of $9,000 in advance for a six month consulting project At year end, a count revealed $600 of supplies remained. Record the adjustment. At year end, record the adjustment to recognize rent expense for transaction #2 At year end, record the adjustment to recognize revenue earned on transation #3

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter2: Basic Accounting Systems: Cash Basis
Section: Chapter Questions
Problem 2.22E
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Giant Corporation incurred the following transactions during their second year of business. Record the transactions in the space provided below 

  • On Jan. 1st, purchased $1,500 in supplies for cash
  • On July 1st, paid cash of $6,000 for the upcoming 12 months of rent
  • On October 1st, received cash of $9,000 in advance for a six month consulting project
  • At year end, a count revealed $600 of supplies remained. Record the adjustment.
  • At year end, record the adjustment to recognize rent expense for transaction #2
  • At year end, record the adjustment to recognize revenue earned on transation #3
Beg. 1) 2) 3) 4) 5) 6) Cash 10,000 Supplies Prepaid Rent 11 11 Unearned Revenue Common Stock 5,000 Retained Earnings 5,000
Transcribed Image Text:Beg. 1) 2) 3) 4) 5) 6) Cash 10,000 Supplies Prepaid Rent 11 11 Unearned Revenue Common Stock 5,000 Retained Earnings 5,000
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