Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 13 Jul 2017 My Price 8.00

Adjusting and Reversing Entries

E 3-20 (Adjusting and Reversing Entries)When the accounts of Constantine Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period. 1.The prepaid insurance account shows a debit of $6,000, representing the cost of a 2-year fire insurance policy dated August 1 of the current year. 2.On November 1, Rent Revenue was credited for $2,400, representing revenue from a subrental for a 3-month period beginning on that date. 3.Purchase of advertising supplies for $800 during the year was recorded in the Advertising Expense account. On December 31, advertising supplies of $290 are on hand. 4.Interest of $770 has accrued on notes payable. Instructions Prepare the following in general journal form. 
(a)The adjusting entry for each item. (b)The reversing entry for each item where appropriate.

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Maurice Tutor
(5)
Status NEW Posted 13 Jul 2017 06:07 AM My Price 8.00

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