Adjustment Calculation & Entries (chap 3 Lab) PDF
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Kennesaw State University
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Summary
This document provides practice questions and calculations related to accounting journal entries and adjustments. It focuses on adjusting prepaid rent and calculating rent expense for a year. The questions are followed by numerical answers. It also contains blank practice areas for working out the answers themselves.
Full Transcript
I-17.03 Click in the account title sections of the journal entry and select the correct account titles to be debited and credited from the pick list. Correct debit/credit selections will...
I-17.03 Click in the account title sections of the journal entry and select the correct account titles to be debited and credited from the pick list. Correct debit/credit selections will turn the cell green. Calculate and enter the correct amounts to record on June 30, September 30, and December 31. Correct values will turn the cell green. GENERAL JOURNAL Date Accounts Debit Credit 6/1 Prepaid Rent 24,000 Cash 24,000 Prepaid a one-year lease GENERAL JOURNAL Date Accounts Debit Credit 6/30 Rent Expense 8,000 Prepaid Rent 8,000 To adjust prepaid rent for lapsed portion of lease GENERAL JOURNAL Date Accounts Debit Credit 9/30 Rent Expense 8,000 Prepaid Rent 8,000 To adjust prepaid rent for lapsed portion of lease I-17.03 GENERAL JOURNAL Date Accounts Debit Credit 12/31 Rent Expense 8,000 Prepaid Rent 8,000 To adjust prepaid rent for lapsed portion of lease How much is prepaid rent, as of December 31? 24,000 How much is rent expense for the year from this transaction? 24,000 I-17.03 I-17.03
