FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Do a b and c
Record adjusting journal entries for each separate case
below for year ended December 31.
Assume no other adjusting entries are made during the
уear.
a. Unearned Rent Revenue. The Krug Company collected
$10,200 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
$110 per insect treatment. A customer paid $440 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 $32,400 cash for six months of rent in
advance and took occupancy immediately. The
company recorded the cash as Unearned Rent
Revenue.
View transaction list
Journal entry worksheet
1
2
3
The Krug Company collected $10,200 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.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
a.
Record entry
Clear entry
View genera
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Transcribed Image Text:Record adjusting journal entries for each separate case below for year ended December 31. Assume no other adjusting entries are made during the уear. a. Unearned Rent Revenue. The Krug Company collected $10,200 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 $110 per insect treatment. A customer paid $440 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 $32,400 cash for six months of rent in advance and took occupancy immediately. The company recorded the cash as Unearned Rent Revenue. View transaction list Journal entry worksheet 1 2 3 The Krug Company collected $10,200 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. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View genera
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