FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Financial Transaction Analysis
The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…
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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 $66,000 (GST- inclusive) prepaid for rent by Indoor Fun on February 8, 2022 and the recognition of rent expense for the month of February 2022. Required: Complete the Prepaid Rent 3-column ledger below to find out the amount of rent expense incurred by Indoor Fun in February 2022. GST needs to be accounted for. Prepaid Rent Date Explanation Dr ($) 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 $66,000 (GST-inclusive) prepaid for rent and record the rent expense for the month of February 2022 following the completion of Prepaid Rent 3- column ledger above. GST needs to be accounted for. Narrations are not required. Date Account titles (Details) Dr ($) Cr ($)
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Transcribed Image Text: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 $66,000 (GST- inclusive) prepaid for rent by Indoor Fun on February 8, 2022 and the recognition of rent expense for the month of February 2022. Required: Complete the Prepaid Rent 3-column ledger below to find out the amount of rent expense incurred by Indoor Fun in February 2022. GST needs to be accounted for. Prepaid Rent Date Explanation Dr ($) 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 $66,000 (GST-inclusive) prepaid for rent and record the rent expense for the month of February 2022 following the completion of Prepaid Rent 3- column ledger above. GST needs to be accounted for. Narrations are not required. Date Account titles (Details) Dr ($) Cr ($)
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Journal entries refer to the concept of documenting all the transactions of a company in its books.

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