Listed below is information related to several adjusting entry situations.Assume that the accounting year ends on December 31. 1. $3,000 paad far insurance an October 1 far a ane-year period (October I -September 30). This transaction was recorded as a debit to prepaid insurance ($3,000) and a credit to cash (3.000).
2. Interest an bonds payable in the anount of $500 has not been recorded at December 31.
3. Rent exgense in the andust of $1,200 was paid an November 1. This transaction was recarded a5 a debit to rent exgense ($1,200) and a credit to cash ($1,200). This rent payenent was for the period November 1 to January 31.
Required:
Record the original entries and the adjusting entries using T-accounts.

Question

Listed below is information related to several adjusting entry situations.Assume that the accounting year ends on December 31. 1. $3,000 paad far insurance an October 1 far a ane-year period (October I -September 30). This transaction was recorded as a debit to prepaid insurance ($3,000) and a credit to cash (3.000).
2. Interest an bonds payable in the anount of $500 has not been recorded at December 31.
3. Rent exgense in the andust of $1,200 was paid an November 1. This transaction was recarded a5 a debit to rent exgense ($1,200) and a credit to cash ($1,200). This rent payenent was for the period November 1 to January 31. 
Required:
Record the original entries and the adjusting entries using T-accounts.

Quizplus · Accepted Answer

The Answer of Listed below is information related to several adjusting entry situations.Assume that the accounting year ends on December 31. 1. $3,000 paad far insurance an October 1 far a ane-year period (October I -September 30). This transaction was recorded as a debit to prepaid insurance ($3,000) and a credit to cash (3.000).
2. Interest an bonds payable in the anount of $500 has not been recorded at December 31.
3. Rent exgense in the andust of $1,200 was paid an November 1. This transaction was recarded a5 a debit to rent exgense ($1,200) and a credit to cash ($1,200). This rent payenent was for the period November 1 to January 31. 
Required:
Record the original entries and the adjusting entries using T-accounts.

Listed Below Is Information Related to Several Adjusting Entry Situations