a.?? Details of Prepaid Rent are shown in the? account: Prepaid Rent Jan 1 Bal.

Question

a.??

Details of Prepaid Rent are shown in the? account:

Prepaid Rent

Jan

1

Bal.

5,500

Mar

31

11,000

Sept

30

11,000

LumberLumber

b.

LumberLumber

$ 5 comma 000$5,000

TuesdayTuesday.

c.

LumberLumber

$ 2 comma 800$2,800

d.

?$5 comma 9005,900.

?$30 comma 00030,000?,

December 31December 31

?$6 comma 1006,100.

e.

LumberLumber

LumberLumber

?$56 comma 00056,000

LumberLumber

Robin ZweigRobin Zweig?,

seventy percentseventy percent

f.

?$32 comma 00032,000?;

?$51 comma 00051,000.

?(For your? convenience, the descriptions of the transactions shown in this? pop-up have been fully integrated into the directions for each journal entry so you may now close the? pop-up while solving this? problem.)

a.??

Details of Prepaid Rent are shown in the? account:

                                               

Prepaid Rent

Jan

1

Bal.

5,500

Mar

31

11,000

Sept

30

11,000

LumberLumber

Contractors pays office rent semiannually on March 31 and September 30. At December? 31, part of the last payment is still available to cover January to March of the next year. No rent expense was recorded during the year.

b.

LumberLumber

Contractors pays its employees each Friday. The amount of the weekly payroll is

$ 5 comma 000$5,000

for a? five-day workweek, and the daily salary amounts are equal. The current accounting period ends on

TuesdayTuesday.

c.

LumberLumber

Contractors has lent money to help employees find? housing, receiving notes receivable in return. During the current year the entity has earned interest revenue of

$ 2 comma 800$2,800

from? employees' loans, which it will receive next year.

d.

The beginning balance of Supplies was

?$5 comma 9005,900.

During the? year, the company purchased supplies costing

?$30 comma 00030,000?,

and at

December 31December 31

the inventory of supplies remaining on hand is

?$6 comma 1006,100.

e.

LumberLumber

Contractors is installing cable in a large? building, and the owner of the building paid

LumberLumber

Contractors

?$56 comma 00056,000

as the annual service fee.

LumberLumber

Contractors recorded this amount as Unearned Service Revenue.

Robin ZweigRobin Zweig?,

the general? manager, estimates that the company has earned

seventy percentseventy percent

of the total fee during the current year.

f.

Amortization for the current year includes? Equipment,

?$32 comma 00032,000?;

and? Trucks,

?$51 comma 00051,000.

Make a compound entry. ?Hint: This means include all the accounts in one journal entry.

Explanation / Answer

Journal entries

date

explanationa

debit

credit

a-

rent expense

22000

prepaid rent

22000

b-

wages expenses

2000

wages payable

2000

c

interest receivables

2800

interest revenue

2800

d

supplies expense

29800

supplies

29800

e-

unearned service revenue

39200

service revenue

39200

f-

depreciation expense

83000

accumulated depreciation-equipment

32000

accumulated depreciation-truck

51000

Journal entries

date

explanationa

debit

credit

a-

rent expense

22000

prepaid rent

22000

b-

wages expenses

2000

wages payable

2000

c

interest receivables

2800

interest revenue

2800

d

supplies expense

29800

supplies

29800

e-

unearned service revenue

39200

service revenue

39200

f-

depreciation expense

83000

accumulated depreciation-equipment

32000

accumulated depreciation-truck

51000

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