70.2K

Verified Solution

Link Copied!

Fragmental Co,leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $1225. Fragmental collected the entire 59800 cash on October 1 and recorded it as uneared revenue. Assuming adjusting entries are only made at year-end, the adjusting entry made by Fragmental Co. on December 31 would be: A debit to Unearned Rent and a credit to Rent Revenue for $3675 A debit to Rent Revenue and a credit to Uneamed Rent for $3675 Adebit to Unearned Rent and a credit to Rent Reverwe for 56125 A debit to Cash and a credit to Rent Revenue for $9800 A debit to Rent Revenue and a credit to Cash for $3675. Aphysical count of supplies on hand at the end of May for Masters, Inc. indicated $1254 of supples on hand. The general ledger balance before any adjustment is 52140. What is the adjusting entry for office supplies that should be recorded on May 317 O Debit Prepaid Supplies 5886 and credit Supplies Expense 5886. Debit Supplies Expense $886 and credit Supplies $886 Debit Supplies Expense 51254 and credit Supplies $1254 Debit Supplies 51254 and credit Cash 51254 Debit Supplies Expense 51254 and credit Supplies 52140 The F. Mercury, Capital account has a credit balance of $39,000 before closing entries are made. Total revenues for the period are $52,200, total expenses are $40,800, and withdrawals are 59800. What is the correct closing entry for the expense accounts? Debit Income Summary 540,800, credit Expense accounts 540,800. Credit Expense accounts $40, 800, debit . Mercury, Capital 540,000 Debit Income Summary 40,000 credit F. Mercury Capital 40,800 Debit Expense accounts $40,800, credit Income Summary 540,800. Debit Expense accounts $39.000 credit. Mercury, Capital 539,000

Answer & Explanation Solved by verified expert

See Answer