Homework Help is Here – Start Your Trial Now!
Business
Accounting
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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
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.

 
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
steps

Unlock instant AI solutions

Tap the button
to generate a solution

SEE SOLUTION
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS