Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows: Collecting transactions and events Recording journal entries for transactions and events Posting the journal entries into ledgers Preparing unadjusted trial balance from ledger balances Recording adjusting entries Posting adjusting entries into ledgers and Preparing adjusted trial balance Preparing financial statements; Income statement, balances sheet , statement of owner's equity and Cash flow statements. Preparing Closing entries to close temporary accounts. Preparing post closing trial balance Recording reversing journal entries (Optional) Requirement-a: To Prepare: The Journal entry to record the collection of Rent in Advance

Question

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Answer 1

Question

Chapter 7, Problem 7.1ME

To determine

Concept Introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

Collecting transactions and events
Recording journal entries for transactions and events
Posting the journal entries into ledgers
Preparing unadjusted trial balance from ledger balances
Recording adjusting entries
Posting adjusting entries into ledgers and Preparing adjusted trial balance
Preparing financial statements; Income statement, balances sheet, statement of owner's equity and Cash flow statements.

Preparing Closing entries to close temporary accounts.

Preparing post closing trial balance
Recording reversing journal entries (Optional)

Requirement-a:

To Prepare:

The Journal entry to record the collection of Rent in Advance

Expert Solution

Answer to Problem 7.1ME

The Journal entry to record the collection of Rent in Advance is as follows:

Date	Account Titles	Debit	Credit

Dec. 1, 2016	Cash	$ 25,800
	Unearned Rent Revenue		$ 25,800

Explanation of Solution

The Journal entry to record the collection of Rent in Advance is explained as follows:

Date	Account Titles	Debit	Credit

Dec. 1, 2016	Cash	$ 25,800
	Unearned Rent Revenue		$ 25,800
	(Being Rent received in advance)

To determine

Concept Introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

Collecting transactions and events
Recording journal entries for transactions and events
Posting the journal entries into ledgers
Preparing unadjusted trial balance from ledger balances
Recording adjusting entries
Posting adjusting entries into ledgers and Preparing adjusted trial balance
Preparing financial statements; Income statement, balances sheet, statement of owner's equity and Cash flow statements.

Preparing Closing entries to close temporary accounts.

Preparing post closing trial balance
Recording reversing journal entries (Optional)

Requirement-b:

To Prepare:

The Journal entry to record the adjustment for Rent earned

Expert Solution

Answer to Problem 7.1ME

The Journal entry to record the adjustment for Rent earned is as follows:

Account Titles	Debit	Credit

Unearned Rent Revenue	$ 8,600
Rent Revenue		$ 8,600

Explanation of Solution

The Journal entry to record the adjustment for Rent earned is explained as follows:

Account Titles	Debit	Credit

Unearned Rent Revenue	$ 8,600
Rent Revenue		$ 8,600
(Being adjustment made for accrued Rent revenue) (25800/3)

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Answer 2

Question

Chapter 7, Problem 7.1ME

To determine

Concept Introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

Collecting transactions and events
Recording journal entries for transactions and events
Posting the journal entries into ledgers
Preparing unadjusted trial balance from ledger balances
Recording adjusting entries
Posting adjusting entries into ledgers and Preparing adjusted trial balance
Preparing financial statements; Income statement, balances sheet, statement of owner's equity and Cash flow statements.

Preparing Closing entries to close temporary accounts.

Preparing post closing trial balance
Recording reversing journal entries (Optional)

Requirement-a:

To Prepare:

The Journal entry to record the collection of Rent in Advance

Expert Solution

Answer to Problem 7.1ME

The Journal entry to record the collection of Rent in Advance is as follows:

Date	Account Titles	Debit	Credit

Dec. 1, 2016	Cash	$ 25,800
	Unearned Rent Revenue		$ 25,800

Explanation of Solution

The Journal entry to record the collection of Rent in Advance is explained as follows:

Date	Account Titles	Debit	Credit

Dec. 1, 2016	Cash	$ 25,800
	Unearned Rent Revenue		$ 25,800
	(Being Rent received in advance)

To determine

Concept Introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

Collecting transactions and events
Recording journal entries for transactions and events
Posting the journal entries into ledgers
Preparing unadjusted trial balance from ledger balances
Recording adjusting entries
Posting adjusting entries into ledgers and Preparing adjusted trial balance
Preparing financial statements; Income statement, balances sheet, statement of owner's equity and Cash flow statements.

Preparing Closing entries to close temporary accounts.

Preparing post closing trial balance
Recording reversing journal entries (Optional)

Requirement-b:

To Prepare:

The Journal entry to record the adjustment for Rent earned

Expert Solution

Answer to Problem 7.1ME

The Journal entry to record the adjustment for Rent earned is as follows:

Account Titles	Debit	Credit

Unearned Rent Revenue	$ 8,600
Rent Revenue		$ 8,600

Explanation of Solution

The Journal entry to record the adjustment for Rent earned is explained as follows:

Account Titles	Debit	Credit

Unearned Rent Revenue	$ 8,600
Rent Revenue		$ 8,600
(Being adjustment made for accrued Rent revenue) (25800/3)

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Answer 3

Question

Chapter 7, Problem 7.1ME

To determine

Concept Introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

Collecting transactions and events
Recording journal entries for transactions and events
Posting the journal entries into ledgers
Preparing unadjusted trial balance from ledger balances
Recording adjusting entries
Posting adjusting entries into ledgers and Preparing adjusted trial balance
Preparing financial statements; Income statement, balances sheet, statement of owner's equity and Cash flow statements.

Preparing Closing entries to close temporary accounts.

Preparing post closing trial balance
Recording reversing journal entries (Optional)

Requirement-a:

To Prepare:

The Journal entry to record the collection of Rent in Advance

Expert Solution

Answer to Problem 7.1ME

The Journal entry to record the collection of Rent in Advance is as follows:

Date	Account Titles	Debit	Credit

Dec. 1, 2016	Cash	$ 25,800
	Unearned Rent Revenue		$ 25,800

Explanation of Solution

The Journal entry to record the collection of Rent in Advance is explained as follows:

Date	Account Titles	Debit	Credit

Dec. 1, 2016	Cash	$ 25,800
	Unearned Rent Revenue		$ 25,800
	(Being Rent received in advance)

To determine

Concept Introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

Collecting transactions and events
Recording journal entries for transactions and events
Posting the journal entries into ledgers
Preparing unadjusted trial balance from ledger balances
Recording adjusting entries
Posting adjusting entries into ledgers and Preparing adjusted trial balance
Preparing financial statements; Income statement, balances sheet, statement of owner's equity and Cash flow statements.

Preparing Closing entries to close temporary accounts.

Preparing post closing trial balance
Recording reversing journal entries (Optional)

Requirement-b:

To Prepare:

The Journal entry to record the adjustment for Rent earned

Expert Solution

Answer to Problem 7.1ME

The Journal entry to record the adjustment for Rent earned is as follows:

Account Titles	Debit	Credit

Unearned Rent Revenue	$ 8,600
Rent Revenue		$ 8,600

Explanation of Solution

The Journal entry to record the adjustment for Rent earned is explained as follows:

Account Titles	Debit	Credit

Unearned Rent Revenue	$ 8,600
Rent Revenue		$ 8,600
(Being adjustment made for accrued Rent revenue) (25800/3)

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Answer 4

Question

Chapter 7, Problem 7.1ME

To determine

Concept Introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

Collecting transactions and events
Recording journal entries for transactions and events
Posting the journal entries into ledgers
Preparing unadjusted trial balance from ledger balances
Recording adjusting entries
Posting adjusting entries into ledgers and Preparing adjusted trial balance
Preparing financial statements; Income statement, balances sheet, statement of owner's equity and Cash flow statements.

Preparing Closing entries to close temporary accounts.

Preparing post closing trial balance
Recording reversing journal entries (Optional)

Requirement-a:

To Prepare:

The Journal entry to record the collection of Rent in Advance

Expert Solution

Answer to Problem 7.1ME

The Journal entry to record the collection of Rent in Advance is as follows:

Date	Account Titles	Debit	Credit

Dec. 1, 2016	Cash	$ 25,800
	Unearned Rent Revenue		$ 25,800

Explanation of Solution

The Journal entry to record the collection of Rent in Advance is explained as follows:

Date	Account Titles	Debit	Credit

Dec. 1, 2016	Cash	$ 25,800
	Unearned Rent Revenue		$ 25,800
	(Being Rent received in advance)

To determine

Concept Introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

Collecting transactions and events
Recording journal entries for transactions and events
Posting the journal entries into ledgers
Preparing unadjusted trial balance from ledger balances
Recording adjusting entries
Posting adjusting entries into ledgers and Preparing adjusted trial balance
Preparing financial statements; Income statement, balances sheet, statement of owner's equity and Cash flow statements.

Preparing Closing entries to close temporary accounts.

Preparing post closing trial balance
Recording reversing journal entries (Optional)

Requirement-b:

To Prepare:

The Journal entry to record the adjustment for Rent earned

Expert Solution

Answer to Problem 7.1ME

The Journal entry to record the adjustment for Rent earned is as follows:

Account Titles	Debit	Credit

Unearned Rent Revenue	$ 8,600
Rent Revenue		$ 8,600

Explanation of Solution

The Journal entry to record the adjustment for Rent earned is explained as follows:

Account Titles	Debit	Credit

Unearned Rent Revenue	$ 8,600
Rent Revenue		$ 8,600
(Being adjustment made for accrued Rent revenue) (25800/3)

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Answer 5

Chapter 7, Problem 7.1ME

To determine

Concept Introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

Collecting transactions and events
Recording journal entries for transactions and events
Posting the journal entries into ledgers
Preparing unadjusted trial balance from ledger balances
Recording adjusting entries
Posting adjusting entries into ledgers and Preparing adjusted trial balance
Preparing financial statements; Income statement, balances sheet, statement of owner's equity and Cash flow statements.

Preparing Closing entries to close temporary accounts.

Preparing post closing trial balance
Recording reversing journal entries (Optional)

Requirement-a:

To Prepare:

The Journal entry to record the collection of Rent in Advance

Expert Solution

Answer to Problem 7.1ME

The Journal entry to record the collection of Rent in Advance is as follows:

Date	Account Titles	Debit	Credit

Dec. 1, 2016	Cash	$ 25,800
	Unearned Rent Revenue		$ 25,800

Explanation of Solution

The Journal entry to record the collection of Rent in Advance is explained as follows:

Date	Account Titles	Debit	Credit

Dec. 1, 2016	Cash	$ 25,800
	Unearned Rent Revenue		$ 25,800
	(Being Rent received in advance)

To determine

Concept Introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

Collecting transactions and events
Recording journal entries for transactions and events
Posting the journal entries into ledgers
Preparing unadjusted trial balance from ledger balances
Recording adjusting entries
Posting adjusting entries into ledgers and Preparing adjusted trial balance
Preparing financial statements; Income statement, balances sheet, statement of owner's equity and Cash flow statements.

Preparing Closing entries to close temporary accounts.

Preparing post closing trial balance
Recording reversing journal entries (Optional)

Requirement-b:

To Prepare:

The Journal entry to record the adjustment for Rent earned

Expert Solution

Answer to Problem 7.1ME

The Journal entry to record the adjustment for Rent earned is as follows:

Account Titles	Debit	Credit

Unearned Rent Revenue	$ 8,600
Rent Revenue		$ 8,600

Explanation of Solution

The Journal entry to record the adjustment for Rent earned is explained as follows:

Account Titles	Debit	Credit

Unearned Rent Revenue	$ 8,600
Rent Revenue		$ 8,600
(Being adjustment made for accrued Rent revenue) (25800/3)

Answer 6

Chapter 7, Problem 7.1ME

To determine

Concept Introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

Collecting transactions and events
Recording journal entries for transactions and events
Posting the journal entries into ledgers
Preparing unadjusted trial balance from ledger balances
Recording adjusting entries
Posting adjusting entries into ledgers and Preparing adjusted trial balance
Preparing financial statements; Income statement, balances sheet, statement of owner's equity and Cash flow statements.

Preparing Closing entries to close temporary accounts.

Preparing post closing trial balance
Recording reversing journal entries (Optional)

Requirement-a:

To Prepare:

The Journal entry to record the collection of Rent in Advance

Expert Solution

Answer to Problem 7.1ME

The Journal entry to record the collection of Rent in Advance is as follows:

Date	Account Titles	Debit	Credit

Dec. 1, 2016	Cash	$ 25,800
	Unearned Rent Revenue		$ 25,800

Explanation of Solution

The Journal entry to record the collection of Rent in Advance is explained as follows:

Date	Account Titles	Debit	Credit

Dec. 1, 2016	Cash	$ 25,800
	Unearned Rent Revenue		$ 25,800
	(Being Rent received in advance)

Answer 7

Chapter 7, Problem 7.1ME

To determine

Concept Introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

Collecting transactions and events
Recording journal entries for transactions and events
Posting the journal entries into ledgers
Preparing unadjusted trial balance from ledger balances
Recording adjusting entries
Posting adjusting entries into ledgers and Preparing adjusted trial balance
Preparing financial statements; Income statement, balances sheet, statement of owner's equity and Cash flow statements.

Preparing Closing entries to close temporary accounts.

Preparing post closing trial balance
Recording reversing journal entries (Optional)

Requirement-a:

To Prepare:

The Journal entry to record the collection of Rent in Advance

Answer 8

Expert Solution

Answer to Problem 7.1ME

The Journal entry to record the collection of Rent in Advance is as follows:

Date	Account Titles	Debit	Credit

Dec. 1, 2016	Cash	$ 25,800
	Unearned Rent Revenue		$ 25,800

Answer 9

Expert Solution

Answer 10

Expert Solution

Answer 11

Expert Solution

Answer 12

Explanation of Solution

The Journal entry to record the collection of Rent in Advance is explained as follows:

Date	Account Titles	Debit	Credit

Dec. 1, 2016	Cash	$ 25,800
	Unearned Rent Revenue		$ 25,800
	(Being Rent received in advance)

Answer 13

To determine

Concept Introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

Collecting transactions and events
Recording journal entries for transactions and events
Posting the journal entries into ledgers
Preparing unadjusted trial balance from ledger balances
Recording adjusting entries
Posting adjusting entries into ledgers and Preparing adjusted trial balance
Preparing financial statements; Income statement, balances sheet, statement of owner's equity and Cash flow statements.

Preparing Closing entries to close temporary accounts.

Preparing post closing trial balance
Recording reversing journal entries (Optional)

Requirement-b:

To Prepare:

The Journal entry to record the adjustment for Rent earned

Expert Solution

Answer to Problem 7.1ME

The Journal entry to record the adjustment for Rent earned is as follows:

Account Titles	Debit	Credit

Unearned Rent Revenue	$ 8,600
Rent Revenue		$ 8,600

Explanation of Solution

The Journal entry to record the adjustment for Rent earned is explained as follows:

Account Titles	Debit	Credit

Unearned Rent Revenue	$ 8,600
Rent Revenue		$ 8,600
(Being adjustment made for accrued Rent revenue) (25800/3)

Answer 14

To determine

Concept Introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

Collecting transactions and events
Recording journal entries for transactions and events
Posting the journal entries into ledgers
Preparing unadjusted trial balance from ledger balances
Recording adjusting entries
Posting adjusting entries into ledgers and Preparing adjusted trial balance
Preparing financial statements; Income statement, balances sheet, statement of owner's equity and Cash flow statements.

Preparing Closing entries to close temporary accounts.

Preparing post closing trial balance
Recording reversing journal entries (Optional)

Requirement-b:

To Prepare:

The Journal entry to record the adjustment for Rent earned

Answer 15

Expert Solution

Answer to Problem 7.1ME

The Journal entry to record the adjustment for Rent earned is as follows:

Account Titles	Debit	Credit

Unearned Rent Revenue	$ 8,600
Rent Revenue		$ 8,600

Answer 16

Expert Solution

Answer 17

Expert Solution

Answer 18

Expert Solution

Answer 19

Explanation of Solution

The Journal entry to record the adjustment for Rent earned is explained as follows:

Account Titles	Debit	Credit

Unearned Rent Revenue	$ 8,600
Rent Revenue		$ 8,600
(Being adjustment made for accrued Rent revenue) (25800/3)

Answer 20

Ch. 7 - Prob. 7.1ME Ch. 7 - Mini-Exercise 7.2 LO 4 Other accrued...Ch. 7 - Mini-Exercise 7.3 LO 5 Other accrued...Ch. 7 - Prob. 7.4ME Ch. 7 - Exercise 7.5 LO 2 Notes payable-discount basis On...Ch. 7 - Prob. 7.6E Ch. 7 - Exercise 7.7 LO 4 Other accrued...Ch. 7 - Exercise 7.8 LO 5 Other accrued liabilities-real...Ch. 7 - Exercise 7.9 LO 5 Other accrued...Ch. 7 - Exercise 7.10 LO 5 Other accrued...

Answer to Problem 7.1ME

Explanation of Solution

Answer to Problem 7.1ME

Explanation of Solution

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Chapter 7 Solutions