2.ONLY Exercise 1Journalize the input settings presented. As of August 31, the following information wasaccumulated to prepare adjustment entries for the Paper House company:The balance for the materials account (supplies) as of August 31 is $1,865. Materials onhand as of August 31 are worth $380.The balance of the unearned rent account as of August 31 is $11,000.According to the receipt, tenants paid in advance on August 1 for four months.Salaries payable as of August 31 add up to $4,680.Fees earned, but not charged, as of August 31 add up to $19,450.The accumulated depreciation is $1,800.Exercise 2briefly explain and in your own words the difference between input settings and entriesthat are made to correct errors.Exercise 3classifies the following items as accrued revenues, accrued expenses, unearned revenue,or prepaid expenses.Rent received in advance for renting an office spaceOne-year insurance policy premiumFee earned but not receivedFee received but not earnedAccount for ads that already appeared in the paper last monthPayment charged for a service that has not been completedRent paid in advanceSalary due, but payable in the next period

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Exercise 1 Journalize the input settings presented. As of August 31, the following information was accumulated to prepare adjustment entries for the Paper House company: The balance for the materials account (supplies) as of August 31 is $1,865. Materials on hand as of August 31 are worth $380. The balance of the unearned rent account as of August 31 is $11,000. According to the receipt, tenants paid in advance on August 1 for four months. Salaries payable as of August 31 add up to $4,680.

Exercise 1 Journalize the input settings presented. As of August 31, the following information was accumulated to prepare adjustment entries for the Paper House company: The balance for the materials account (supplies) as of August 31 is $1,865. Materials on hand as of August 31 are worth $380. The balance of the unearned rent account as of August 31 is $11,000. According to the receipt, tenants paid in advance on August 1 for four months. Salaries payable as of August 31 add up to $4,680.

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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