« previous next »

Author Question: On December 31, 2011, the unadjusted trial balance for Tim's Ware, Inc shows Prepaid rent of 1,200. ... (Read 205 times)

evelyn o bentley

  • Hero Member
  • *****
  • Posts: 564
on: Jul 5, 2018
On December 31, 2011, the unadjusted trial balance for Tim's Ware, Inc shows Prepaid rent of 1,200. This represents the amount the company paid in August for a one-year lease effective September 1, 2011.
 
  Tim's Ware does not prepare monthly financial statements, so it makes adjusting entries only once a year. Prepare the adjusting journal entry at December 31, 2011.
 
  Date Transaction Debit Credit

Question 2

To prove the equality of the debit and credit balances in the general ledger accounts after the closing entries have been journalized and posted, prepare the
 a. balance sheet.
   b. income statement.
   c. adjustments.
   d. post-closing trial balance.


meow1234

  • Sr. Member
  • ****
  • Posts: 333
Reply #1 on: Jul 5, 2018
Answer to Question 1

Date Transaction Debit Credit
12/31/11 Rent expense 400
Prepaid rent 400
To record depreciation

Answer to Question 2

d


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

About 100 new prescription or over-the-counter drugs come into the U.S. market every year.

Did you know?

About 600,000 particles of skin are shed every hour by each human. If you live to age 70 years, you have shed 105 pounds of dead skin.

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Did you know?

Illness; diuretics; laxative abuse; hot weather; exercise; sweating; caffeine; alcoholic beverages; starvation diets; inadequate carbohydrate consumption; and diets high in protein, salt, or fiber can cause people to become dehydrated.

Did you know?

Many supplement containers do not even contain what their labels say. There are many documented reports of products containing much less, or more, that what is listed on their labels. They may also contain undisclosed prescription drugs and even contaminants.

The accessory organs of the digestive system: the liver, gallbladder, and pancreas. Image shows the The accessory organs of the digestive system: the liver, gallbladder, and pancreas. Image shows the
Biology Discussion Forums (2011) Biology Discussion Forums (2011)
Graph shows the living arrangements of Canadian seniors Graph shows the living arrangements of Canadian seniors
A melting profile shows the increase in UV absorption versus temperature A melting profile shows the increase in UV absorption versus temperature
A bank statement shows a balance of $2,970.31 The check register of the account owner shows an ... A bank statement shows a balance of $2,970.31 The check register of the account owner shows an ...
Raman has a line of credit loan with the ICICI bank. The initial loan balance was $72000.00. ... Raman has a line of credit loan with the ICICI bank. The initial loan balance was $72000.00. ...
Video: Muscle Twitch and Muscle Tension - Motor unit size and force

For a complete list of videos, visit our video library