Question

Answer the following questions about prepaid​ expenses:

a. On ​1, Tree Service prepaid for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year.
b. On ​1, Tree Service paid for supplies. At ​31, has of supplies on hand. Make the required journal entry at 31. Then post all amounts to the accounts and show their balances at 31. Assume no beginning balance in supplies.
c. On ​1, Tree Service prepaid for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year. Prepare the adjusting journal entry to record the rent expense at 31.

Answer 1

the numbers are missing, so I looked for a similar question:

a. On ​1, Tree Service prepaid $7,200 for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year.

Dr Rent expense 1,200 (= $7,200 / 6)

Cr Prepaid rent 1,200

Balances:

Prepaid rent 6,000

Rent expense 1,200

b. On ​1, Tree Service paid $1,050 for supplies. At ​31, has $400 of supplies on hand. Make the required journal entry at 31. Then post all amounts to the accounts and show their balances at 31. Assume no beginning balance in supplies.

Dr Supplies expense 650 (= $1,050 - $400)

Cr Supplies 650

Balances:

Supplies 400

Supplies expense 650

c. On ​1, Tree Service prepaid for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year. Prepare the adjusting journal entry to record the rent expense at 31.

SAME AS QUESTION A