MyLab Accounting with Pearson eText -- Access Card -- for Financial Accounting
12th Edition
ISBN: 9780134727677
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Textbook Question
Chapter 3, Problem 3.21AE
LO 3
(Learning Objective 3: Adjust the accounts) Jenkins Rentals Company faced the following situations. Journalize the
- a. The business has interest expense of $3,100 that it must pay early in January 2021.
- b. Interest revenue of $4,400 hoe been earned but not yet received.
- c. On July 1, 2020, when the business collected $14,200 rent in advance, it debited cash and credited unearned Rent Revenue The tenant was paying for two years rent.
- d. Salary expense is $5,700 per day—Monday through Friday—and the business pays employees each Friday This year. December 31 falls on a Thursday.
- e. The unadjusted balance of the Supplies account is $3,100. The total cost of supplies on hand s $1.200.
- f. Equipment was purchased on January 1 of this year at a cost of $140,000. The equipment’s useful life is five years. There is no residual value. Record
depreciation for this year and then determine the equipment's bock value.
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Chapter 3 Solutions
MyLab Accounting with Pearson eText -- Access Card -- for Financial Accounting
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