The balance in the Prepaid Rent account before adjustment at the end of the year is $24,000, which represents three months' rent paid on December 1. The adjusting entry required on December 31 is to a. debit Rent Expense, $8,000; credit Prepaid Rent, $8,000. b. debit Rent Expense, $16,000; credit Prepaid Rent $16,000. c. debit Prepaid Rent, $8,000; credit Rent Expense, $8,000. d. debit Prepaid Rent, $16,000; credit Rent Expense, $16,000.

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Allowance for doubtful accounts has a credit balance of $9000 at the end of the year, before adjustments. Sales for the year amounted to $1740000, and sales returns and allowances amounted to $63000. If uncollectible accounts expense is estimated at 2% of the net sales, the amount of the appropriate adjusting entry will be (nearest whole dollar)

Before the year-end adjustment the Allowance for Doubtful Accounts has a debit balance of $5,000. Using the aging of receivables method, the desired balance of the Allowance for Doubtful Accounts is estimated as $35,000. a) What is the uncollectible accounts expense for the period? b) What is the journal entry required? c) What is the balance of the Allowance for Doubtful Accounts after adjustment? d) If the accounts receivable balance is $325,000, what is the net realizable value of the receivables after adjustment?

On July 1, Orcas Lab issued a $200,000, 7%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30?

On December 1, Daw Co. accepts a $28,000, 45-day, 6% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.) View transaction list Journal entry worksheet 1 2 Record the year-end adjustment related to this note, if any. Note: Enter debits before credits. Date Dec 31 Record entry General Journal Clear entry Debit Credit View general journal

Journalize the following entries on the books of the borrower and creditor.  Label accordingly. (Assume a 360-day year is used for interest calculations.) ​ June    1 James Co. purchased merchandise on account from O’Leary Co., $90,000, terms n/30.  The cost of merchandise sold was $54,000.          30 James Co. issued a 60-day, 5% note for $90,000 on account. Aug. 29 James Co. paid the amount due.

Allowance for Doubtful Accounts has a credit balance of $23000 at the end of the year, before adjustments. Sales for the year amounted to $1190000, and sales returns and allowances amounted to $112000. If uncollectible accounts expense is estimated at 1% of net sales, the amount of the appropriate adjusting entry will be (nearest whole dollar): Add your answer