P3-2A - (a) Journalize the adjusting entries on August 31...

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(a) Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31. GENERAL JOURNAL J1 Date Account Titles and Explanation Reference Debit Credit 2008 Adjusting Entries Aug. 31 Insurance Expense 722 1,200 Prepaid Insurance 130 1,200 (To record insurance expired) 31 Supplies Expense 631 2,700 Supplies 126 2,700 (To record supplies used) 31 Depreciation Expense-Cottages 620 1,500 Depreciation Expense-Furniture 621 600 Accumulated Depreciation-Cott 144 1,500 Accumulated Depreciation-Furn 150 600 (To record depreciation) 31 Unearned Rent 208 4,100 Rent Revenue 429 4,100 (To record revenue for rent earned) 31 Salaries Expense 726 400 Salaries Payable 212 400 (To record accrued salaries) 31 Accounts Receivable 112 1,000 Rent Revenue 429 1,000 (To record revenue for rent due) 31 Interest Expense 718 600 Interest Payable 230 600 (To record interest on notes payable) (b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.) GENERAL LEDGER Cash No. 101 Mortgage Payable No. 275 Date Explanation Reference Debit Credit Balance Date Explanation Reference Debit Credit Balance 2008 2008 Aug. 31 19,600 19,600 Aug. 31 80,000 80,000 Accounts Receivable No. 112 Common Stock No. 311 Date Explanation Reference Debit Credit Balance Date Explanation Reference
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This note was uploaded on 02/22/2012 for the course ACC 101 taught by Professor Black during the Spring '12 term at University of Phoenix.

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