Required information [The following information applies to the questions displayed below.] The following are transactions for the Sky Blue Corporation: a. Collected $3,150 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. b. Paid $1,800 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. c. Used a machine purchased on October 1 for $51,000. The company estimates annual depreciation of $5,100. equired: r each of the above transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at e end of the month on October 31. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) ransaction a. b. C. Assets Liabilities Stockholders' Equity
Required information [The following information applies to the questions displayed below.] The following are transactions for the Sky Blue Corporation: a. Collected $3,150 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. b. Paid $1,800 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. c. Used a machine purchased on October 1 for $51,000. The company estimates annual depreciation of $5,100. equired: r each of the above transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at e end of the month on October 31. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) ransaction a. b. C. Assets Liabilities Stockholders' Equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below.]
The following are transactions for the Sky Blue Corporation:
a. Collected $3,150 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1.
b. Paid $1,800 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount.
c. Used a machine purchased on October 1 for $51,000. The company estimates annual depreciation of $5,100.
+
+
Required:
For each of the above transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at
he end of the month on October 31. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.)
Transaction
a.
b.
C.
Assets
II
11
။
11
Liabilities
+
Stockholders' Equity](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fce3d614c-45c7-44df-90d5-f4ca61f598de%2F35539b0c-5a5b-4240-a49b-56a3504a3e0b%2Fsrko3cn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
The following are transactions for the Sky Blue Corporation:
a. Collected $3,150 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1.
b. Paid $1,800 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount.
c. Used a machine purchased on October 1 for $51,000. The company estimates annual depreciation of $5,100.
+
+
Required:
For each of the above transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at
he end of the month on October 31. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.)
Transaction
a.
b.
C.
Assets
II
11
။
11
Liabilities
+
Stockholders' Equity
![Required information [The following information applies to the questions displayed below.] The following are transactions for the Sky Blue Corporation: a. Collected $3,150 rent for the period October 1 to December 31, which was credited to
Deferred Revenue on October 1. b. Paid $1,800 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. c. Used a machine purchased on October 1 for $51,000. The company estimates annual
depreciation of $5,100. Required: For each of the above transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at he end of the month on October 31. (Enter any decreases to Assets,
Liabilities, or Stockholders' Equity with a minus sign.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fce3d614c-45c7-44df-90d5-f4ca61f598de%2F35539b0c-5a5b-4240-a49b-56a3504a3e0b%2F4xmdq9u_processed.png&w=3840&q=75)
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The following are transactions for the Sky Blue Corporation: a. Collected $3,150 rent for the period October 1 to December 31, which was credited to
Deferred Revenue on October 1. b. Paid $1,800 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. c. Used a machine purchased on October 1 for $51,000. The company estimates annual
depreciation of $5,100. Required: For each of the above transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at he end of the month on October 31. (Enter any decreases to Assets,
Liabilities, or Stockholders' Equity with a minus sign.)
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