al Entries LO23 the general ledger of the Cone coere tak September 30 before adj

Question

al Entries LO23 the general ledger of the Cone coere tak September 30 before adjusting The following selected accounts3 The 000 in made Cone makes adjusting entrieses have hn Debit 4,000 5,400 100,000 25,000 to the folowing Phepaid Rent Buiding Notes Receivable Accumdated Depreciation Uneamed Revenue 31. Assu annually ormally adjusted 18. Adjusti Additional Information: 1. Rent expires at à rate of $900 Mikato on June entries app June 3t 1. Mik 2. Supplies on hand total $2,000 3. Utilities incurred in September but not ves recorded or paid are $500. 4. The building depreciates at a rate of $2,700 per med 555,000 $15.500 of ex- er had received had paid 2012, Stacker e performed he first six pol quarter 5. $5,000 of the $8,500 unearned revenue has bee earned during the quarter. 6. Interest of $250 on the notes receivable has been earned but not yet recorded. Required Prepare the necessary adjusting journal entries at September 30. the cash basis 2. At $1 16. Adjusting Journal Entries LO2.3 For each of the transactions for Cone Corporation in Exercise 15, indicate the amount of the increase or decrease on the appropriate element of the bala sheet or income statement. The first transaction been completed as an example. 3. M

Explanation / Answer

Adjusting entries: Accounts title and explanations Debit $ Credit $ Rent expense Account Dr. 2700      Prepaid rent Account 2700 Supplies expense Account Dr. 2000      Supplies Account 2000 Utilities expense Account Dr. 500     Utilities payable Account 500 Depreciation expense Account Dr. 2700     Accumulated depreciation Account 2700 Unearned revenue Account Ddr. 5000        Service revenue Account 5000 Interest receivable Account Dr. 250          Interest revenue Account 250

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