Required information [The following information applies to the questions displayed below] On December 31, the bookkeeper for Grillo Company prepared the income statement and balance sheet but neglected to consider three adjusting entries. Data on the three adjusting entries follow: a. Rent revenue of $2,100 earned in December of the current year was neither collected nor recorded. b. Depreciation of $4,600 on the equipment for the current year was not recorded. c. Income tax expense of $4,700 for the current year was neither paid nor recorded. Required: 1. Prepare the three adjusting entries that were omitted. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Required information [The following information applies to the questions displayed below] On December 31, the bookkeeper for Grillo Company prepared the income statement and balance sheet but neglected to consider three adjusting entries. Data on the three adjusting entries follow: a. Rent revenue of $2,100 earned in December of the current year was neither collected nor recorded. b. Depreciation of $4,600 on the equipment for the current year was not recorded. c. Income tax expense of $4,700 for the current year was neither paid nor recorded. Required: 1. Prepare the three adjusting entries that were omitted. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:Required information
The following information applies to the questions displayed below.)
On December 31, the bookkeeper for Grillo Company prepared the income statement and balance sheet but neglected to
consider three adjusting entries.
Data on the three adjusting entries follow:
a. Rent revenue of $2,100 earned in December of the current year was neither collected nor recorded.
b. Depreciation of $4,600 on the equipment for the current year was rfot recorded,
c. Income tax expense of $4,700 for the current year was neither paid nor recorded.
Required:
1. Prepare the three adjusting entries that were omitted.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction liet
Journal entry worksheet
<
Prepare the adjusting entry needed at December 31. Rent revenue of $2,100
earned in December of the current year was neither collected nor recorded.
Net Enter debts before credits
Transaction
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
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