Completing the Accounting Cycle | 285 NAME: SECTION: SCORE: PROFESSOR: Problem #6 Preparing the Reversing Entries some of the adjusting entries of the Sherwin Mark De Oro Apartments on Dec. 31, 2020 is presented below:
Completing the Accounting Cycle | 285 NAME: SECTION: SCORE: PROFESSOR: Problem #6 Preparing the Reversing Entries some of the adjusting entries of the Sherwin Mark De Oro Apartments on Dec. 31, 2020 is presented below:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Preparing the Reversing Entries
Required: Prepare the reversing entries.
Completing the Accounting Cycle | 285
NAME:
SCORE:
SECTION:
PROFESSOR:
Problem #6
some of the adjusting entries of the Sherwin Mark De Oro Apartments on Dec. 31, 2020
is presented below:
2020
Prepaid Insurance
Insurance Expense
Dec. 31
25,000
25,000
To record unexpired insurance at year-
end.
31
Interest Receivable
17,000
Interest Income
17,000
To record accrued interest at year-end.
31
Office Supplies Expense
50,000
Office Supplies
To record office supplies used during the
period.
50,000
Depreciation Expense
Accumulated Depreciation
To record depreciation for the year.
31
125,000
125,000
35,000
Salaries Expense
Salaries Payable
To record salaries accrued at year-end.
31
35,000
31 Rent Revenues
80,000
Unearned Rent Revenues
80,000
To record liability of unearned rent
revenue at year-end.
Required: Prepare the reversing entries.
2020.12.30 15:28
Transcribed Image Text:2020.12.30 15:27
accounts of here in form:
The for Pascual has entries "a"
through "e" to at Dec. 31, All the and equity
Identifying Entries
Completing the Accounting Cycle| 283
NAME:
SCORE:
SECTION:
PROFESSOR:
Problem #4
dentifying and Journalizing Closing Entries
of
%3D
Accounts Receivable
Pascual, Withdrawals
524,000
(a)
Supplies
Service Revenues
1,030,000
Accumulated Depreciation-Furniture
Salaries Expense
(q)
Accumulated Depreciation-Building
(p)
Supplies Expense
330,000
(a)
(c)
Salaries Payable
Depreciation Expense-Furniture
000,
()
(a)
Depreciation Expense-Building
(c)
Pascual, Capital
494,000
Required:
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