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A Company Unadjusted Trial Balance December 31, 2020 Cash $ 27,300   Accounts receivable 4,500   Supplies 900   Prepaid Rent 7,800   Equipment 73,500   Accumulated depreciation:  equipment   $19,400 Accounts payable   5,700 Unearned revenue   3,800 Note payable   20,000 Common stock   35,000 Retained earnings. 1/1/20   6,400 Service revenue   32,600 Salary expense 8,400   Telephone expense 300   Utilities expense         200 _______ Total $122,900 $122,900   Prepare the adjusting entry for the following: (Answers without supporting calculations will receive 0 points.)   The payment for prepaid rent for one year was made on September 1, 2020.              Debit Credit

A Company Unadjusted Trial Balance December 31, 2020 Cash $ 27,300   Accounts receivable 4,500   Supplies 900   Prepaid Rent 7,800   Equipment 73,500   Accumulated depreciation:  equipment   $19,400 Accounts payable   5,700 Unearned revenue   3,800 Note payable   20,000 Common stock   35,000 Retained earnings. 1/1/20   6,400 Service revenue   32,600 Salary expense 8,400   Telephone expense 300   Utilities expense         200 _______ Total $122,900 $122,900   Prepare the adjusting entry for the following: (Answers without supporting calculations will receive 0 points.)   The payment for prepaid rent for one year was made on September 1, 2020.              Debit Credit

FINANCIAL ACCOUNTING
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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Question

A Company

Unadjusted Trial Balance

December 31, 2020

Cash

$ 27,300

 

Accounts receivable

4,500

 

Supplies

900

 

Prepaid Rent

7,800

 

Equipment

73,500

 

Accumulated depreciation:  equipment

 

$19,400

Accounts payable

 

5,700

Unearned revenue

 

3,800

Note payable

 

20,000

Common stock

 

35,000

Retained earnings. 1/1/20

 

6,400

Service revenue

 

32,600

Salary expense

8,400

 

Telephone expense

300

 

Utilities expense

        200

_______

Total

$122,900

$122,900

 

Prepare the adjusting entry for the following: (Answers without supporting calculations will receive 0 points.)

 

The payment for prepaid rent for one year was made on September 1, 2020.       

 

 

 

Debit

Credit

 

 

 

 

 

 

 

 

 

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