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

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

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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.
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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?
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