1.gillian \'s gandemin signed a lease on july 1st and paid $240,000 in cash. The
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Question
1.gillian 's gandemin signed a lease on july 1st and paid $240,000 in cash. The term of lease is 2 years beginning on July 1st Prepare the appropriate journal entries for July 1st and 31st 2 june's jellies purchased supplies for $10,000 cash on June 1st 4,000 work of supplies remained at june's jellies on June 30h Prepare the appropriate journal entries for June 1st and June 30th. 3 cana's cake received a cash advance of $50,000 from rose's restaurants for baking services to be provided in the future. The cash advance was received on April 1st during April cara's provide $30,000 work of services to rose restaurants during April. Prepare the appropriate journal entries for April 1st and 30th, allie;s advertising employees earned $40,000 in September. These wage will be paid with the first payroll in October. Prepare the appropriate journal entry for September 30thExplanation / Answer
Answers
Question No.
Date
Accounts title
Debit
Credit
Working, if any
1
01-Jul
Prepaid Rent
$ 240,000.00
Cash
$ 240,000.00
(cash paid in advance for 2 years)
31-Jul
Rent Expense
$ 10,000.00
[240000 x 1 month/24 months]
Prepaid Rent
$ 10,000.00
(prepaid rent expired for 1 month)
2
01-Jun
Supplies
$ 10,000.00
Cash
$ 10,000.00
(Supplies purchased)
30-Jun
Supplies expense
$ 6,000.00
[10000 purchased - 4000 remaining = 6000 consumed]
Supplies
$ 6,000.00
(Supplies consumed)
3
01-Apr
Cash
$ 50,000.00
Unearned Revenue
$ 50,000.00
(cash received in advance)
30-Apr
Unearned Revenue
$ 30,000.00
Service Revenue
$ 30,000.00
(service provided in april)
4
30-Sep
Wages expenses
$ 40,000.00
Wages payable
$ 40,000.00
(expenses accrued to be paid in October)
Question No.
Date
Accounts title
Debit
Credit
Working, if any
1
01-Jul
Prepaid Rent
$ 240,000.00
Cash
$ 240,000.00
(cash paid in advance for 2 years)
31-Jul
Rent Expense
$ 10,000.00
[240000 x 1 month/24 months]
Prepaid Rent
$ 10,000.00
(prepaid rent expired for 1 month)
2
01-Jun
Supplies
$ 10,000.00
Cash
$ 10,000.00
(Supplies purchased)
30-Jun
Supplies expense
$ 6,000.00
[10000 purchased - 4000 remaining = 6000 consumed]
Supplies
$ 6,000.00
(Supplies consumed)
3
01-Apr
Cash
$ 50,000.00
Unearned Revenue
$ 50,000.00
(cash received in advance)
30-Apr
Unearned Revenue
$ 30,000.00
Service Revenue
$ 30,000.00
(service provided in april)
4
30-Sep
Wages expenses
$ 40,000.00
Wages payable
$ 40,000.00
(expenses accrued to be paid in October)
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