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 rot 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 rot 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
Related questions
Question
![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 list
Journal entry worksheet
1
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.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
Record entry
Clear entry
View general Journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcadc9ef6-c6c0-4be1-9d47-ff7a5b0fe22b%2Fdcfcdfe4-0ab0-47ae-820f-3e1cb78a437e%2Ffwr1i5_processed.png&w=3840&q=75)
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 list
Journal entry worksheet
1
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.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
Record entry
Clear entry
View general Journal
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