Rental Services, Inc. (RSI) pays $7,500 for four years' rent on its Office Building on August 1, 2001. Advance payment was recorded as debit to Rent Expense. The adjusting entry required at December 31, 2001 is: Karl Company, a Sole Proprietorship, signed a two-year rental agreement on October 1, 2001, for $9,600. The agreement covers its building for the next two years. Karl debited Prepaid Rent to record the payment. At the beginning of the year, the Unearned Rent account has a balance of $30,000. The Unearned Rent account balance at the end of the year is $6,000. What is the adjusting entry? The asset account, Supplies, has a balance of $1,950 at the beginning of the year and was debited during the year for $5,600, representing the total of supplies purchased during the year. If $1,500 of supplies is on hand at the end of the year, What is the adjusting entry? At the beginning of the period, Stenger, Inc. had $3,600 in the asset account, Supplies. During the period, it purchased $1,400 of additional items, debiting the Supplies asset account. At the end of the period, Stenger determined that only $1,200 of supplies were still on hand. What adjusting entry should Stenger, Inc. make at the end of the period? The Unearned Advertising Revenue account before adjustment at the end of the month has a credit balance of $2,400, representing an advance payment received on the first day of the month. If $1,600 of Advertising Revenue is earned during the month, the balance in the Unearned Adverting Revenue at the end of the month, after adjustments, is: The Unearned Rent account has a beginning credit balance of $15,000. After adjusting entries at the end of the accounting period, $5,000 of the $15,000 is unearned. The adjusting entry required at the end of the period is: Copko Computer Services, a Sole Proprietorship, purchased new Computer Equipment for $52,000 on January 1, 2001. Copko assigned it a four-year life and a $6,000 salvage value. Depreciation Expense for 2003 and Accumulated Depreciation at the end of 2003 are: A company purchased furniture for $2,800 on January 1, 1998. The useful life of the furniture is estimated to be seven years. The balance in accumulated depreciation after posting the adjustments for 2000 is: A company pays its employees every Friday. The amount paid every week is $600. September 30, 2000, is a Tuesday. The amount of salary paid on October 3, 2000. What is the adjusting entry for September 30, 2000?

Rental Services, Inc. (RSI) pays $7,500 for four years' rent on its Office Building on August 1, 2001. Advance payment was recorded as debit to Rent Expense. The adjusting entry required at December 31, 2001 is: Karl Company, a Sole Proprietorship, signed a two-year rental agreement on October 1, 2001, for $9,600. The agreement covers its building for the next two years. Karl debited Prepaid Rent to record the payment. At the beginning of the year, the Unearned Rent account has a balance of $30,000. The Unearned Rent account balance at the end of the year is $6,000. What is the adjusting entry? The asset account, Supplies, has a balance of $1,950 at the beginning of the year and was debited during the year for $5,600, representing the total of supplies purchased during the year. If $1,500 of supplies is on hand at the end of the year, What is the adjusting entry? At the beginning of the period, Stenger, Inc. had $3,600 in the asset account, Supplies. During the period, it purchased $1,400 of additional items, debiting the Supplies asset account. At the end of the period, Stenger determined that only $1,200 of supplies were still on hand. What adjusting entry should Stenger, Inc. make at the end of the period? The Unearned Advertising Revenue account before adjustment at the end of the month has a credit balance of $2,400, representing an advance payment received on the first day of the month. If $1,600 of Advertising Revenue is earned during the month, the balance in the Unearned Adverting Revenue at the end of the month, after adjustments, is: The Unearned Rent account has a beginning credit balance of $15,000. After adjusting entries at the end of the accounting period, $5,000 of the $15,000 is unearned. The adjusting entry required at the end of the period is: Copko Computer Services, a Sole Proprietorship, purchased new Computer Equipment for $52,000 on January 1, 2001. Copko assigned it a four-year life and a $6,000 salvage value. Depreciation Expense for 2003 and Accumulated Depreciation at the end of 2003 are: A company purchased furniture for $2,800 on January 1, 1998. The useful life of the furniture is estimated to be seven years. The balance in accumulated depreciation after posting the adjustments for 2000 is: A company pays its employees every Friday. The amount paid every week is $600. September 30, 2000, is a Tuesday. The amount of salary paid on October 3, 2000. What is the adjusting entry for September 30, 2000?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 52E: Adjusting Entries Exercise 3-52 Allentown Services Inc. is preparing adjusting entries for the year...

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Problem 2

Adjusting Entries

Rental Services, Inc. (RSI) pays $7,500 for four years' rent on its Office Building on August 1, 2001. Advance payment was recorded as debit to Rent Expense. The adjusting entry required at December 31, 2001 is:
Karl Company, a Sole Proprietorship, signed a two-year rental agreement on October 1, 2001, for $9,600. The agreement covers its building for the next two years. Karl debited Prepaid Rent to record the payment.
At the beginning of the year, the Unearned Rent account has a balance of $30,000. The Unearned Rent account balance at the end of the year is $6,000. What is the adjusting entry?
The asset account, Supplies, has a balance of $1,950 at the beginning of the year and was debited during the year for $5,600, representing the total of supplies purchased during the year. If $1,500 of supplies is on hand at the end of the year, What is the adjusting entry?
At the beginning of the period, Stenger, Inc. had $3,600 in the asset account, Supplies. During the period, it purchased $1,400 of additional items, debiting the Supplies asset account. At the end of the period, Stenger determined that only $1,200 of supplies were still on hand. What adjusting entry should Stenger, Inc. make at the end of the period?
The Unearned Advertising Revenue account before adjustment at the end of the month has a credit balance of $2,400, representing an advance payment received on the first day of the month. If $1,600 of Advertising Revenue is earned during the month, the balance in the Unearned Adverting Revenue at the end of the month, after adjustments, is:
The Unearned Rent account has a beginning credit balance of $15,000. After adjusting entries at the end of the accounting period, $5,000 of the $15,000 is unearned. The adjusting entry required at the end of the period is:
Copko Computer Services, a Sole Proprietorship, purchased new Computer Equipment for $52,000 on January 1, 2001. Copko assigned it a four-year life and a $6,000 salvage value. Depreciation Expense for 2003 and Accumulated Depreciation at the end of 2003 are:
A company purchased furniture for $2,800 on January 1, 1998. The useful life of the furniture is estimated to be seven years. The balance in accumulated depreciation after posting the adjustments for 2000 is:
A company pays its employees every Friday. The amount paid every week is $600. September 30, 2000, is a Tuesday. The amount of salary paid on October 3, 2000. What is the adjusting entry for September 30, 2000?

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