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Category > Accounting Posted 19 Jun 2017 My Price 8.00

Preparing adjusting and closing entries Todd McKinney Magic

Preparing adjusting and closing entries Todd McKinney Magic Show’s accounting records include the following account balances as of December 31:

 

2011

2012

Prepaid rent

$200

500

Unearned service revenue

1,000

$3,100

During 2012, the business recorded the following:

  1. Prepaid annual rent of $8,000.
  2. Made the year-end adjustment to record rent expense of $5,100 for the year.
  3. Collected $4,400 cash in advance for service revenue to be earned later.
  4. Made the year-end adjustment to record the earning of $4,900 service revenue that had been collected in advance.

Requirements

1. Set up T-accounts for Prepaid rent, Rent expense, Unearned service revenue, and Service revenue. Insert beginning and ending balances for Prepaid rent and Unearned service revenue.

2. Journalize the adjusting entries a–d, and post to the accounts. Explanations are not required.

3. What is the balance in Service revenue after adjusting?

4. What is the balance in Rent expense after adjusting?

 

5. Journalize any required closing entries.

Answers

Alpha Geek
(8)
Status NEW Posted 19 Jun 2017 12:06 PM My Price 8.00

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Attachments

file 1497874347-642931_1_636331757259664949_Adjusting-and-closing-entries.xlsx preview (257 words )
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