Vipulb In each of the following transactions (a) through (c) for Catena's Marketing Company, indicate the effect of the adjusting entry on theelements of the balance sheet and income statement.Note: Reductions in account balances should be indicated with a minus sign.a. Collected $1,200 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned RentRevenue on December 1.b. Purchased a machine for $32,000 cash on January 1. The company estimates annual depreciation at $3,200.c. Paid $5,000 for a two-year insurance premium on July 1 of the current year; debited Prepaid Insurance for that amount.TransactionabCPAssetsBalance SheetLiabilitiesStockholders'EquityRevenuesIncome StatementExpensesNet Income

Adjusting entry are journal entry to adjust accrued and deferred income and expenses. They effect…

llected $1,200 rent for the period December 1 of the current year to April venue on December 1. rchased a machine for $32,000 cash on January 1. The company estimate d $5,000 for a two-year insurance premium on July 1 of the current year; Balance Sheet Income Statement

llected $1,200 rent for the period December 1 of the current year to April venue on December 1. rchased a machine for $32,000 cash on January 1. The company estimate d $5,000 for a two-year insurance premium on July 1 of the current year; Balance Sheet Income Statement

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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