In anticipation of stocking Mookie The Beagle™ Concierge branded inventory, Cy charged $864 for 6 months storage locker rental from Lynne’s Space to Mookie The Beagle™ Concierge’s VISA credit card on January 1, 2022. So at the end of the accounting period on January 31, Mookie The Beagle™ Concierge has used 1 month of rent @ $144 ($864/6 months = $144 per month). The unused rent ($720) is Prepaid Expense: Prepaid Rent, an asset account with future benefit. Since Cy had not recorded anything related to the storage locker rental, an adjusting entry is needed to bring accounts up to date at January 31. Create Adjusting Journal Entry. (Round your answer to 2 decimal places.) Select Create (+) icon > Journal Entry Enter the adjusting journal entry in QBO on January 31, 2022 Enter Journal No.: ADJ 3 Complete the following table to represent the adjusting entry that you recorded.
In anticipation of stocking Mookie The Beagle™ Concierge branded inventory, Cy charged $864 for 6 months storage locker rental from Lynne’s Space to Mookie The Beagle™ Concierge’s VISA credit card on January 1, 2022. So at the end of the accounting period on January 31, Mookie The Beagle™ Concierge has used 1 month of rent @ $144 ($864/6 months = $144 per month). The unused rent ($720) is Prepaid Expense: Prepaid Rent, an asset account with future benefit. Since Cy had not recorded anything related to the storage locker rental, an adjusting entry is needed to bring accounts up to date at January 31. Create Adjusting Journal Entry. (Round your answer to 2 decimal places.) Select Create (+) icon > Journal Entry Enter the adjusting journal entry in QBO on January 31, 2022 Enter Journal No.: ADJ 3 Complete the following table to represent the adjusting entry that you recorded.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In anticipation of stocking Mookie The Beagle™ Concierge branded inventory, Cy charged $864 for 6 months storage locker rental from Lynne’s Space to Mookie The Beagle™ Concierge’s VISA credit card on January 1, 2022. So at the end of the accounting period on January 31, Mookie The Beagle™ Concierge has used 1 month of rent @ $144 ($864/6 months = $144 per month). The unused rent ($720) is Prepaid Expense: Prepaid Rent, an asset account with future benefit. Since Cy had not recorded anything related to the storage locker rental, an
- Create Adjusting
Journal Entry . (Round your answer to 2 decimal places.)
- Select Create (+) icon > Journal Entry
- Enter the adjusting journal entry in QBO on January 31, 2022
- Enter Journal No.: ADJ 3
- Complete the following table to represent the adjusting entry that you recorded.
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