Indoor Fun is a business offering various indoor sports activities to its customers and rent is one of itslargest expenses. Its partially filled Prepaid Rent account below is missing an additional $66,000 (GST-inclusive) prepaid for rent by Indoor Fun on February 8, 2022 and the recognition of rent expense forthe month of February 2022.Required:Complete the Prepaid Rent 3-column ledger below to find out the amount of rent expense incurredby Indoor Fun in February 2022. GST needs to be accounted for.Prepaid RentDateExplanationDr ($)Cr ($)Balance ($)01/2/2022Opening Balance33,00033,000 DR28/2/2022Closing Balance24,000 DRUsing the General Journal below, record the additional $66,000 (GST-inclusive) prepaid for rent andrecord the rent expense for the month of February 2022 following the completion of Prepaid Rent 3-column ledger above. GST needs to be accounted for. Narrations are not required.DateAccount titles (Details)Dr ($)Cr ($)

Name: Indoor Fun is a business offering various indoor sports activities to
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Description: Indoor Fun is a business offering various indoor sports activities to its customers and rent is one of itslargest expenses. Its partially filled Prepaid Rent account below is missing an additional $66,000 (GST-inclusive) prepaid for rent by Indoor F

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Business

Accounting

n of February 2022. d: the Prepaid Rent 3 Fun in February 20: Rent

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter2: Analyzing Transactions

Section: Chapter Questions

Problem 4PA: Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted...

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Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 2019, follows: The following business transactions were completed by Elite Realty during April 2019: Apr. 1. Paid rent on office for month, 6,500. 2.Purchased office supplies on account, 2,300. 5.Paid insurance premiums, 6,000. 10.Received cash from clients on account, 52,300. 15.Purchased land for a future building site for 200,000, paying 30,000 in cash and giving a note payable for the remainder. 17.Paid creditors on account, 6,450. 20.Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, 325. 23.Paid advertising expense, 4,300. Enter the following transactions on Page 19 of the two-column journal: 27.Discovered an error in computing a commission; received cash from the salesperson for the overpayment, 2,500. 28.Paid automobile expense (including rental charges for an automobile), 1,500. 29.Paid miscellaneous expenses, 1,400. 30.Recorded revenue earned and billed to clients during the month, 57,000. 30.Paid salaries and commissions for the month, 11,900. 30.Withdrew cash for personal use, 4,000. 30.Rented land purchased on April 15 to local merchants association for use as a parking lot in May and June, during a street rebuilding program; received advance payment of 10,000. Instructions 1. Record the April 1, 2019, balance of each account in the appropriate balance column of a four-column account, write Balance in the item section, and place a check mark () in the Posting Reference column. 2. Journalize the transactions for April in a two-column journal beginning on Page 18. Journal entry explanations may be omitted. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance of the ledger as of April 30, 2019. 5. Assume that the April 30 transaction for salaries and commissions should have been 19,100. (a) Why did the unadjusted trial balance in (4) balance? (b) Journalize the correcting entry. (c) Is this error a transposition or slide?
Indoor Fun is a business offering various indoor sports activities to its customers and rent is one of its largest expenses. Its partially filled Prepaid Rent account below is missing an additional $66,000 (GST-inclusive) prepaid for rent by Indoor Fun on February 8, 2022 and the recognition of rent expense for the month of February 2022. Complete the Prepaid Rent 3-column ledger below to find out the amount of rent expense incurred by Indoor Fun in February 2022. GST needs to be accounted for. Prepaid Rent Date Explanation Dr ($) Cr ($) Balance ($) 01/2/2022 Opening Balance 33,000 33,000 DR 28/2/2022 Closing Balance 24,000 DR Using the General Journal below, record the additional $66,000 (GST-inclusive) prepaid for rent and record the rent expense for the month of February 2022 following the completion of Prepaid Rent 3-column ledger above. GST needs to be accounted…
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For each item, determine the accounts to be adjusted on December 31, 2024, the amount of the adjustment, and the ending balance. Assume no adjustments were previously made during the year. On December 1, 2024, Wolverine received $4,000 cash from a company renting office space from Wolverine. The payment, representants rent for December and January was recorded to Deferred Revenue on December Revenue for other rentals totaled $125,000. My question is this: does the "revenue for other rentals totaled $125,000" have any relevance on answering the question. Or is jut "filler"? Thank you!
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Santana Rey, owner of Business Solutions, realizes that she needs to begin accounting for bad debts expense. Assume that Business Solutions has total revenues of $44,000 during the first three months of 2022 and that the Accounts Receivable balance on March 31, 2022, is $22,867.Required:1a. Prepare the adjusting entry to record bad debts expense, which are estimated to be 1% of total revenues on March 31, 2022. There is a zero unadjusted balance in the Allowance for Doubtful Accounts at March 31.1b. Prepare the adjusting entry to record bad debts expense, which are estimated to be 2% of accounts receivable on March 31, 2022. There is a zero unadjusted balance in the Allowance for Doubtful Accounts at March 31.2. Assume that Business Solutions’s Accounts Receivable balance at June 30, 2022, is $20,250 and that one account of $100 has been written off against the Allowance for Doubtful Accounts since March 31, 2022. If Rey uses the method in part 1b, what adjusting journal entry is made…
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