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. Fees earned, but not charged, as of August 31 add up to $19,450. The accumulated depreciation is $1,800.
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. Fees earned, but not charged, as of August 31 add up to $19,450. The accumulated depreciation is $1,800.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1. ONLY
![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.
Fees earned, but not charged, as of August 31 add up to $19,450.
The accumulated depreciation is $1,800.
Exercise 2
briefly explain and in your own words the difference between input settings and entries
that are made to correct errors.
Exercise 3
classifies the following items as accrued revenues, accrued expenses, unearned revenue,
or prepaid expenses.
Rent received in advance for renting an office space
One-year insurance policy premium
Fee earned but not received
Fee received but not earned
Account for ads that already appeared in the paper last month
Payment charged for a service that has not been completed
Rent paid in advance
Salary due, but payable in the next period](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F15d10d69-1dbb-4eaf-8747-555f244f8c25%2F40c5d3e4-8e9f-4630-bb86-4a2bf92da822%2Fj87wut_processed.png&w=3840&q=75)
Transcribed Image Text: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.
Fees earned, but not charged, as of August 31 add up to $19,450.
The accumulated depreciation is $1,800.
Exercise 2
briefly explain and in your own words the difference between input settings and entries
that are made to correct errors.
Exercise 3
classifies the following items as accrued revenues, accrued expenses, unearned revenue,
or prepaid expenses.
Rent received in advance for renting an office space
One-year insurance policy premium
Fee earned but not received
Fee received but not earned
Account for ads that already appeared in the paper last month
Payment charged for a service that has not been completed
Rent paid in advance
Salary due, but payable in the next period
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