For each of the following transactions (a) through (c) for Catena's Marketing Company, prepare the adjusting entry at the end of the current year, December 31. The process includes (1) determining if revenue was earned or an expense was incurred and (2) determining whether cash was received or paid in the past or will be received or paid in the future. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. a. Collected $2,600 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on December 1. b. Purchased a machine for $47,000 cash on January 1. The company estimates annual depreciation at $3,700. c. Paid $2,600 for a two-year insurance premium on July 1 of the current year; debited Prepaid Insurance for that amount. View transaction list Journal entry worksheet 1 2 3 Prepare the adjusting entry needed at December 31. Collected $2,600 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on December 1. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry View general journal

For each of the following transactions (a) through (c) for Catena's Marketing Company, prepare the adjusting entry at the end of the current year, December 31. The process includes (1) determining if revenue was earned or an expense was incurred and (2) determining whether cash was received or paid in the past or will be received or paid in the future. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. a. Collected $2,600 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on December 1. b. Purchased a machine for $47,000 cash on January 1. The company estimates annual depreciation at $3,700. c. Paid $2,600 for a two-year insurance premium on July 1 of the current year; debited Prepaid Insurance for that amount. View transaction list Journal entry worksheet 1 2 3 Prepare the adjusting entry needed at December 31. Collected $2,600 rent for the period December 1 of the current year to April 1 of next year, which was credited to Unearned Rent Revenue on December 1. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry View general journal

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Current Attempt in Progress The bookkeeper for Sandhill Company asks you to prepare the following accrual adjusting entries at December 31. Use these account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and Wages Expense, and Salaries and Wages Payable. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) a. b.. C No. a. b. C. D Interest on notes payable of $420 should be accrued. Services performed but unbilled totals $1,780. Salaries of $750 earned by employees have not been recorded or paid. Date Account Titles and Explanation Dec. 31 Dec. 31 Dec. 31 Debit Credit www
Which of the following account is not a temporary account while closing all temporary accounts In the closing process at the end of a financial year? Select one: a. Sales Revenue b. Insurance expense c. Cash d. Income Summary
The Yellow Company made year-end adjusting entries affecting each of the following accounts: Office Salaries Payable (credited); Depreciation Expense (debited); Unearned Rental Revenue (debited); and Prepaid Insurance (credited). Which account is likely to appear in Yellow's reversing entries? a. Office salaries payable b. Depreciation expense c. Unearned rental revenue d. Prepaid insurance
From the partial worksheet, journalize the closing entries for December 31 for A. Slow Co. Start by journalizing the closing entry for revenues. (See attached images for clearer info) Journal Entry Date Accounts PR Dr. Cr. Dec. 31 Journalize the closing entry for the expense and contra-revenue accounts. Journal Entry Date Accounts PR Dr. Cr. Dec. 31 Journalize the closing entry for the Income Summary account. Journal Entry Date Accounts PR…
1. What is the net overstatement/(understatement) of KnK for the year ended December31, 2022? 2. What adjusting entry is necessary to correct KnK’s financial statements for the yearended Dec 31, 2022 ?
The balance in the unearned fees account, before adjustment at the end of the year, is $14,310. Required: Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $7,560. Refer to the Chart of Accounts for exact wording of account titles.
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019 the end of the current year, Pitman Company’s accounting clerk prepared the following unadjusted trial balance:Pitman CompanyUNADJUSTED TRIAL BALANCEOctober 31, 2019ACCOUNT TITLE DEBIT CREDIT1Cash7,710.002Accounts Receivable37,935.003Prepaid Insurance7,070.004Supplies2,125.005Land108,400.006Building145,300.007Accumulated Depreciation-Building85,610.008Equipment134,800.009Accumulated Depreciation-Equipment96,100.0010Accounts Payable12,625.0011Unearned Rent6,340.0012Jan Pitman, Capital219,690.0013Jan Pitman, Drawing15,120.0014Fees Earned323,700.0015Salaries and Wages Expense196,770.0016Utilities Expense42,265.0017Advertising Expense23,135.0018Repairs Expense17,195.0019Miscellaneous Expense6,240.0020Totals744,065.00744,065.00The data needed to determine year-end adjustments are as follows:a. Unexpired insurance at October 31, $6,105.b. Supplies on hand at October 31, $485.c.…
Please answer complete question,,,answer in text form please (without image)
Pp.53. Subject :- Account