*Answer all of the questions, they are all necessary. Prepare Adjusting Entries Panda Corporation paid cash of...

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Accounting

*Answer all of the questions, they are all necessary.
Prepare Adjusting Entries
Panda Corporation paid cash of $144,000 on June 1, 2020 for oneyear’s rent in advance and recorded the transaction with a debit toPrepaid Rent.
Prepare the December 31, 2020 adjusting entry
(Clearly show debit and credit – debits are left andcredits are right
Do a journal entry
During the first year of Wilkinson Co.'s operations, allpurchases were recorded as assets. Supplies in the amount of$28,800 were purchased. Actual year-end supplies amounted to$6,600.
Prepare the December 31^st adjustingentry
(Clearly show debit and credit – debits are left andcredits are right
Follow the “Journal Entry”
3. Create a Financial Planner. The adjusted trial balance ofRyan Financial Planners appears below.
Using the information from the adjusted trial balance,you are to prepare for the month ending December 31,2020:
Remember, Assets = Liabilities + Stockholder’sEquity
        1.      an income statement.
        2.      a retained earningsstatement.
        3.      a balance sheet.
                                                                                                                   Debit                 Credit
Cash                                                                    .............................      $ 4,900
AccountsReceivable..........................................................................         2,200
Supplies.............................................................................................         1,800
Equipment.........................................................................................       20,000
AccumulatedDepreciation—Equipment..........................................                               $ 5,000
AccountsPayable..............................................................................                                   3,800
Unearned ServiceRevenue...............................................................                                   5,000
CommonStock..................................................................................                                 11,000
RetainedEarnings..............................................................................                                   4,400
Dividends...........................................................................................         2,000
ServiceRevenue................................................................................                                   8,700
SuppliesExpense...............................................................................           600
DepreciationExpense........................................................................         3,500
RentExpense.....................................................................................        2,900              ______
                                                                                                               $37,900             $37,900
1.                                              RYAN FINANCIAL PLANNERS
Income Statement
For the Month Ended December 31, 2020
2.                                              RYAN FINANCIAL PLANNERS
Retained Earnings Statement
For the Month Ended December 31, 2020
3.                                              RYAN FINANCIAL PLANNERS
Balance Sheet
December 31, 2020
Assets
Liabilities and Stockholders’ Equity

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3.6 Ratings (642 Votes)

Answer Adjusting Entry Dr Cr Prepaid Rent 144000 To Cash Account 144000 Being advance rent paid for one year or 12 months Adjustment entry for December month Rent Expense Account 12000 To Prepaid Rent 12000 Being adjustment made for rent expense for See Answer

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*Answer all of the questions, they are all necessary.Prepare Adjusting EntriesPanda Corporation paid cash of $144,000 on June 1, 2020 for oneyear’s rent in advance and recorded the transaction with a debit toPrepaid Rent.Prepare the December 31, 2020 adjusting entry(Clearly show debit and credit – debits are left andcredits are rightDo a journal entryDuring the first year of Wilkinson Co.'s operations, allpurchases were recorded as assets. Supplies in the amount of$28,800 were purchased. Actual year-end supplies amounted to$6,600.Prepare the December 31st adjustingentry(Clearly show debit and credit – debits are left andcredits are rightFollow the “Journal Entry”3. Create a Financial Planner. The adjusted trial balance ofRyan Financial Planners appears below.Using the information from the adjusted trial balance,you are to prepare for the month ending December 31,2020:Remember, Assets = Liabilities + Stockholder’sEquity 1. an income statement. 2. a retained earningsstatement. 3. a balance sheet. Debit CreditCash ............................. $ 4,900AccountsReceivable.......................................................................... 2,200Supplies............................................................................................. 1,800Equipment......................................................................................... 20,000AccumulatedDepreciation—Equipment.......................................... $ 5,000AccountsPayable.............................................................................. 3,800Unearned ServiceRevenue............................................................... 5,000CommonStock.................................................................................. 11,000RetainedEarnings.............................................................................. 4,400Dividends........................................................................................... 2,000ServiceRevenue................................................................................ 8,700SuppliesExpense............................................................................... 600DepreciationExpense........................................................................ 3,500RentExpense..................................................................................... 2,900 ______ $37,900 $37,9001. RYAN FINANCIAL PLANNERSIncome StatementFor the Month Ended December 31, 20202. RYAN FINANCIAL PLANNERSRetained Earnings StatementFor the Month Ended December 31, 20203. RYAN FINANCIAL PLANNERSBalance SheetDecember 31, 2020AssetsLiabilities and Stockholders’ Equity