On November 1, Big Star of Toledo prepaid six months of rent, $6,000.Read the requirements.Requirement 1. Record the journal entry for the November 1 payment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)DateAccounts and ExplanationDebitCreditNov. 1RequirementsRequirement 2. Record the adjusting entry required at November 30. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)1. Record the journal entry for the November 1 payment.2. Record the adjusting entry required at November 30.DateAccounts and ExplanationDebitCredit3. Using T-accounts, post the journal entry and adjusting entry to the accountsinvolved and show their balances at November 30. (Ignore the Cash account.)Nov. 30PrintDoneRequirement 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances at November 30. (Ignore the Cash account.)Post the journal entry and adjusting entry to the two accounts using the dates as posting references, and then calculate and enter the ending balance of the accounts using a "Bal." posting reference.Prepaid RentRent ExpenseChoose from any list or enter any number in the input fields and then continue to the next question.

1. Prepaid expenses These are expenses paid in advance. It represents payments done for those…

O Requirements 1. Record the journal entry for the November 1 payment. 2. Record the adjusting entry required at November 30. 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances at November 30. (Ignore the Cash account.) Print Done

O Requirements 1. Record the journal entry for the November 1 payment. 2. Record the adjusting entry required at November 30. 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances at November 30. (Ignore the Cash account.) Print Done

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section: Chapter Questions

Problem 1AP

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On May 1, Sport Planet of Toledo prepaid six months of rent, $3,300. Read the requirements. Requirement 1. Record the journal entry for the May 1 payment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Мay 1 Requirements Requirement 2. Record the adjusting entry required at May 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) 1. Record the journal entry for the May 1 payment. 2. Record the adjusting entry required at May 31. Date Accounts and Explanation Debit Credit 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances at May 31. (Ignore the Cash account.) May 31 Print Done Requirement 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances at May 31. (Ignore the Cash account.) Post the journal entry and…
Calco Inc. rents its store location. Rent is $950 per month, payable quarterly in advance. On July 1, a check for $2,850 was issued to the landlord for the July–September quarter.Required: Prepare the Horizontal model and Journal entry for each of the following transactions. To record the payment on July 1, assuming that all $2,850 is initially recorded as Rent Expense. To record the adjustment that would be appropriate at July 31 if your entry in a had been made. To record the payment on July 1, assuming instead that all $2,850 is initially recorded as Prepaid Rent. To record the adjustment that would be appropriate at July 31 if your entry in c had been made. To record the adjustment that would be appropriate at August 31 and September 30, regardless of how the payment on July 1 had been initially recorded (and assuming that the July 31 adjustment had been made). Indicate the financial statement effect. If you were supervising the bookkeeper, how would you suggest that the July…
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Make the corresponding journal entries to report short-term liabilities. Make the journal entries. Make the adjusting entries for each expense accrued at the end of the year. The cost of the product warranty is $7,000. a. Journalizes the remaining interest on the Home Depot account. Date Transaction 2 February Merchandise was purchased on credit for $310,000 with a term of n/45 at Pueblo Caribe. 4 March Air Caribe provided a 5% note for $120,000 to Pueblo Caribe with a term of 30 days on credit. 6 May Pueblo Caribe paid the amount of the March 4 note. 10 May Consoles were purchased from Aire al Mayor for $75,000 on a 90-day note with a 4% discount. With payments of 25,000 per month. 12 June Borrowed (short term note/note payable) 30 days at 3% for $240,000 from Bank City. 15 June The past due amount of the May 10 transaction was paid. A customer purchased $2,000 of merchandise in cash. 18 July The…
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Louvers, Incorporated, accepted a $15,000, 180-day, 10 percent note from a customer on May 31. On June 30, Louvers prepared a period-end adjusting entry to accrue the $125 of interest owed on the note. The note is honored on November 27. Prepare the necessary November 27 entry for Louvers by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. If there are multiple debits or multiple credits, please enter the account titles in alphabetical order.
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Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water Closet received the following notes: Required: 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. Assume a 360-day year. 2. Journalize the entry to record the dishonor of Note (3) on its due date. Refer to the Chart of Accounts for exact wording of account titles. 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February. Refer to the Chart of Accounts for exact wording of account titles.
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Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $5,250 ($1,750/month). 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the year is $0). Deferred revenue ending balance:____________ Service revenue ending balance: _____________
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