(Learning Objective 3: Adjust the accounts) Morton Motor Company faced the following situations. Journalize the...
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Accounting
(Learning Objective 3: Adjust the accounts) Morton Motor Company faced the following situations. Journalize the adjusting entry needed at December 31, 2012, for each situation. Consider each fact separately.
a. The business has interest expense of $9,600 that it must pay early in January 2013.
b. Interest revenue of $4,900 has been earned but not yet received.
c. On July 1, when the business collected $12,000 rent in advance, it debited Cash and credited Unearned Rent Revenue. The tenant was paying for two years
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