If Tyler uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Tyler determines that Fell's $2,450 balance is uncollectible.

The balance in the prepaid rent account before adjustment at the end of the year is $11,940, which represents 12 months' rent paid on December 1. The adjusting entry required on December 31 is a-debit Rent Expense, $10,945, credit Prepaid Rent, $995 b-debit Rent Expense, $995, credit Prepaid Rent, $995 c-debit Prepaid Rent, $995, credit Rent Expense, $995 d-debit Prepaid Rent, $10,945, credit Rent Expense, $995

The prepaid insurance account had a balance of $7,155 at the beginning of the year. The account was debited for $22,025 for premiums on policies purchased during the year, ending on March 31. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of unexpired insurance applicable to future periods is $8,765; (b) the amount of insurance expired during the year is $20,415. Refer to the Chart of Accounts for exact wording of account titles.

For each separate case below, follow the three-step process for adjusting the accrued revenue account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Accounts Receivable. At year-end, the L. Cole Company has completed services of $19,000 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $390 of interest earned from its investments in government bonds. c. Accounts Receivable. A painting company bills customers when jobs are complete. The work for one job has been completed, and the customer has been billed $1,300 but has not yet paid.

The balance in the Prepaid Rent account before adjustment at the end of the year is $26100, which represents three months’ rent paid on December 1. The adjusting entry required on December 31 is to A) debit Prepaid Rent, $17400; credit Rent Expense, $17400. B) debit Rent Expense, $17400; credit Prepaid Rent $17400. C) debit Prepaid Rent, $8700; credit Rent Expense, $8700. D) debit Rent Expense, $8700; credit Prepaid Rent, $8700.

For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. Unearned Rent Revenue. The Krug Company collected $6,000 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months’ rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $75 per insect treatment. A customer paid $300 on October 1 in advance for four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the company has applied three treatments for the customer. c. Unearned Rent Revenue. On September 1, a client paid the company $24,000 cash for six…

The balance in the unearned fees account, before adjustment at the end of the year, is $14,310.   Required:   Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $7,560. Refer to the Chart of Accounts for exact wording of account titles.

The balance in the Prepaid Insurance account before adjustment at the end of the year is P7,200, which represents twelve months’ Insurance purchased on December 1. The adjusting entry required on Dec. 31, 2018 is a. debit Prepaid Insurance, P7,200; credit Insurance Expense, P7,200 b. debit Insurance Expense, P600; credit Insurance Payable, P600 c. debit Insurance Expense, P6,600; credit Prepaid Insurance, P6,600 d. debit Prepaid Insurance, P600; credit Insurance Expense, P600 e. debit, Insurance Expense, P600; credit Prepaid Insurance, P600

The balance in the prepaid rent account before adjustment at the end of the year is $12,864, which represents four months' rent paid on December 1. The adjusting entry required on December 31 is a. debit Rent Expense, $9,648, credit Prepaid Rent, $3,216 b. debit Rent Expense, $3,216, credit Prepaid Rent, $3,216 c. debit Prepaid Rent, $9,648, credit Rent Expense, $3,216 d. debit Prepaid Rent, $3,216, credit Rent Expense, $3,216