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M4-5 (Algo) Determining Financial Statement Effects of Adjusting Entries (Deferred Accounts)...

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Accounting

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M4-5 (Algo) Determining Financial Statement Effects of Adjusting Entries (Deferred Accounts) LO4-1 In each of the following transactions (a) through (Q for Catenas Marketing Company, indicate the effect of the adjusting entry on the elements of the balance sheet and income-statement Note: Reductions in occount bolances should be indicoted with a minus sign. a. Collected $2600 rent for the period December fof the current yeo to Aprif I of next yeac, which was credited to Unearned Rent Revenue on December 1 b. Purchased a machine for $37000 cash on January 1 . The company esamates annual cepreciation at $3.200 c. Paid $3100 for a two-yeor insurance pienuum on July 1 of the current year. debited Prepaid insurance for that amount

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