Question in image, thanks! On July 1, Sheffield's Sports Store paid $14440 to Pharoah Realty for 4 months rent beginning July 1. Prepaid Rent was debited for thefull amount. If financial statements are prepared on July 31, the adjusting entry to be made by Sheffield's Sports Store isO Debit Prepaid Rent, $3610; Credit Rent Expense, $3610.O Debit Rent Expense, $14440; Credit Prepaid Rent, $14440.O Debit Rent Expense, $14440; Credit Prepaid Rent, $3610.O Debit Rent Expense, $3610; Credit Prepaid Rent, $3610.

The original entry made on July 1 to record the advance payment for 4 months rent is as…

Answered: On July 1, Sheffield's Sports Store…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section: Chapter Questions

Problem 1MP

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Med Labs has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $6,400. Of the $6,400 of receivables, $1,700 are within a 3% discount period, meaning that it expects buyers to take $51 in future-period discounts arising from this period's sales. a. Prepare the December 31 year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $6 year-end unadjusted credit balance in Allowance for Sales Discounts. Prepare the December 31 year-end adjusting journal entry for future sales discounts.
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At December 31, 2021, Wonder of the World Travel has an Accounts Receivable balance of $89,000. Allowance for Uncollectible Accounts has a credit balance of $830 before the year-end adjustment. Service revenue (all on account) for 2021 was $700,000. Wonder of the World estimates that its uncollectible-account expense for the year is 2% of service revenue. Read the requirement. Make the year-end entry to record uncollectible-account expense. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Dec 31 Journal Entry Accounts Debit Credit Show how Accounts Receivable and the Allowance for Uncollectible Accounts are reported on the balance sheet at December 31, 2021. BALANCE SHEET (Partial) Current assets: Less:

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