{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

08 - SOLUTION Problems 8-1 to 8-4 (1)

# 08 - SOLUTION Problems 8-1 to 8-4 (1) - Problem 8-1...

This preview shows pages 1–3. Sign up to view the full content.

Problem 8-1 Solution Requirement 1 – January 1 receive \$15,000 advance payment for rent Date Account Name Debit Credit 01/01/11 Cash 15,000 Unearned Rent Revenue 15,000 Receive Jan, Feb, March rent in advance Requirement 2 – “T” Account Analysis for the January 31 adjusting entry “T” Account Analysis for Asset and Liability Accounts Account Name Unearned Rent Revenue Debit Credit (1) What is the current balance? 15,000 (3) What adjustment is required to adjust from the current balance to the should be balance? 5,000 (2) What should be the balance? \$10,000 Bldg. #1 \$4,000 (Feb. & March) + Bldg #2 \$6,000 (Feb. & March) = \$10,000 Requirement 3 – January 31 Unearned Rent Revenue adjusting entry Date Account Name Debit Credit 01/31/11 Unearned Rent Revenue 5,000 Rent Revenue 5,000 Adjust Unearned Rent Revenue to the 1/31/11 bal.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
Problem 8-1 Solution (continued) Requirement 4 – “T” Account Analysis for the February 28 adjusting entry “T” Account Analysis for Asset and Liability Accounts Account Name Unearned Rent Revenue Debit Credit (1) What is the current balance? 10,000 (3) What adjustment is required to adjust from the current balance to the should be balance?
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern