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v2.cengagenow.com CengageNOWv2 | Online teaching and learning resource from Cengage Le... MindTap - Cengage Learning MindTap - Cengage Learning Ch 3-2 Practice Exercises Print Item eBook Show Me How Calculator 1. PE.03-01A Adjustment for Unearned Revenue On June 1, 2019, Herbal Co. received $42,700 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 2019. Round your answers to the nearest dollar amount. 2. .03-02A 3. .03-03.ALGO Rent Earned Dec. 31 4. PE.03-04.ALGO Rent Revenue 5. PE.03-05.ALGO Feedback 6. .03-06-ALGO 7 Cheak My Work 7. PE.03-07.ALGO Set up an Unearned Fees T-account. Recall that the unearned revenue account is decreased (debited) for the amount of the revenue that has been earned, and the related revenue account is increased (credited). The balance before adjustment will be the normal balance for the unearned liability account. The number given for the end of the year is to be the new balance after adjusting out the revenue earned. What amount is this difference between the pre-adjustment balance and the post-adjustment balance? Complete your adjusting entry by making sure that it affects at least one income statement account and one balance sheet account. Check My Work 1 more Check My Work uses remaining. Previous Next Progress: 5/7 items Assignment Score: 60.71% All work saved. Save and Exit Submit Assignment for Grading

Explanation / Answer

Adjustment of Unearned Revenue: Date Account Debit Credit December, 31 Unearned Rent $        3,558 (42700/12)*6 Rent Revenue $    3,558 Adjustment of Prepaid Expense: Beginning balance of supplies $8,940 Add: Suppliespurchased $4,830 Total available $13,770 Less:Ending Balance $4,680 Supplied expensed $9,090 Date Account Debit Credit December, 31 Supplies expense $        9,090 (13770-46800 Supplies $    9,090 Adjustment of Depreciation : Date Account Debit Credit December, 31 Depreciation expense $        5,420 Accumulated depreciation $    5,420

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