On December 31, Year 1, Kellams Company made the following adjusting entries for its annual accounting period: • To record depreciation on buildings. • To record interest on note receivable due January 28, Year 2. • To record expired prepaid rent. • To record interest on note payable due March 16, Year 2. PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Adjusting Entries 2 Dec. 31 Depreciation Expense 2,500.00 3 Accumulated Depreciation 2,500.00 4 31 Interest Receivable 300.00 5 Interest Revenue 300.00 6 31 Rent Expense 400.00 7 Prepaid Rent 400.00 8 31 Interest Expense 600.00 9 Interest Payable 600.00 Required: Prepare whatever reversing entries are appropriate.
On December 31, Year 1, Kellams Company made the following adjusting entries for its annual accounting period: • To record depreciation on buildings. • To record interest on note receivable due January 28, Year 2. • To record expired prepaid rent. • To record interest on note payable due March 16, Year 2. PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Adjusting Entries 2 Dec. 31 Depreciation Expense 2,500.00 3 Accumulated Depreciation 2,500.00 4 31 Interest Receivable 300.00 5 Interest Revenue 300.00 6 31 Rent Expense 400.00 7 Prepaid Rent 400.00 8 31 Interest Expense 600.00 9 Interest Payable 600.00 Required: Prepare whatever reversing entries are appropriate.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter17: Accounting For Notes And Interest
Section: Chapter Questions
Problem 6SEA: JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At the end of the year, the following interest is...
Related questions
Question
On December 31, Year 1, Kellams Company made the following adjusting entries for its annual accounting period:
| • | To record |
| • | To record interest on note receivable due January 28, Year 2. |
| • | To record expired prepaid rent. |
| • | To record interest on note payable due March 16, Year 2. |
PAGE 1
GENERAL JOURNAL
| DATE | ACCOUNT TITLE | POST. REF. | DEBIT | CREDIT | |
|---|---|---|---|---|---|
|
1
|
|
Adjusting Entries
|
|
|
|
|
2
|
Dec. 31
|
Depreciation Expense
|
|
2,500.00
|
|
|
3
|
|
|
|
|
2,500.00
|
|
4
|
31
|
Interest Receivable
|
|
300.00
|
|
|
5
|
|
Interest Revenue
|
|
|
300.00
|
|
6
|
31
|
Rent Expense
|
|
400.00
|
|
|
7
|
|
Prepaid Rent
|
|
|
400.00
|
|
8
|
31
|
Interest Expense
|
|
600.00
|
|
|
9
|
|
Interest Payable
|
|
|
600.00
|
Required:
|
Prepare whatever reversing entries are appropriate.
|
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning