On September 1, 2023, Baker Construction, Inc. signed a contract to rent a warehouse. Baker's rent on the warehouse started that same day. On September 1, the landlord did not require Baker to pay the first month's rent. The landlord indicated that she would stop-by on October 5 to collect the $2,000 of rent for the month of September. The following is a partial list of the accounts in Baker's General Ledger. These are the only accounts you need for this problem. ▷ Cash ▷ Rent Payable (liability account) ▷ Rent Expense Use the forms on Tab 7-8 in the Excel workbook Chapter 07 c - Problem 7-1 to 7-8 Forms to complete this problem. Requirement 1 Prepare the General Journal entry Baker should make on September 1, 2023. If no entry is required, put "No Entry Required" on the General Journal form. Requirement 2 Prepare the September 30, 2023 Rent Payable adjusting entry. If no entry is required, put "No Entry Required" on the General Journal form. Requirement 3 Prepare the General Journal entry Baker should make on October 5, 2023 to record the $2,000 payment of September's rent. If no entry is required, put "No Entry Required" on the General Journal form.

On September 1, 2023, Baker Construction, Inc. signed a contract to rent a warehouse. Baker's rent on the warehouse started that same day. On September 1, the landlord did not require Baker to pay the first month's rent. The landlord indicated that she would stop-by on October 5 to collect the $2,000 of rent for the month of September. The following is a partial list of the accounts in Baker's General Ledger. These are the only accounts you need for this problem. ▷ Cash ▷ Rent Payable (liability account) ▷ Rent Expense Use the forms on Tab 7-8 in the Excel workbook Chapter 07 c - Problem 7-1 to 7-8 Forms to complete this problem. Requirement 1 Prepare the General Journal entry Baker should make on September 1, 2023. If no entry is required, put "No Entry Required" on the General Journal form. Requirement 2 Prepare the September 30, 2023 Rent Payable adjusting entry. If no entry is required, put "No Entry Required" on the General Journal form. Requirement 3 Prepare the General Journal entry Baker should make on October 5, 2023 to record the $2,000 payment of September's rent. If no entry is required, put "No Entry Required" on the General Journal form.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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