Respuesta :
Answer:
No reversing entry is needed as they are all posted correctly
Explanation:
1. Rent Expense 1,000 Prepaid Rent 1,000
This entry is correct because it rent had been prepaid, then the entry would have been to debit 'Prepaid Rent'and credit Cash/Bank. However at the end of the period when rent is accrued, you debit 'rent expense' and credit 'prepaid rent'
2.Taxes Expense 1,750 Taxes Payable 1,750
This entry is correct because at the end of the period when Tax is accrued, you debit 'Tax expense' and credit 'Tax payable' because tax is always paid much later in a future period not the current period
3. Deferred Rent Revenue 1,550 Rent Revenue 1,550
This entry is correct because at the end of the period when rent income is earned, but has been paid for before: you debit 'Deferred Rent Revenue' and credit 'Rent Revenue' because (at least a portion of) the deferred rent revenue is now earned.
4. Salaries Expense 150 Salaries Payable 150
This entry is correct because at the end of the period when Salary is accrued, you debit 'Salary expense' and credit 'Salaries payable'
Answer:Answer: Dr: Rent expense $1,000, Cr : Prepaid Rent $1,000, Dr:Tax expense $1,750, Cr: Tax payable $1,750, Dr: Deferred Rent Revenue $1,550, Cr: Rent Revenue $1,550, Dr:Salaries expense $150, Cr: Salaries payable $150
Explanation:
The journal entry will be
Account Name. Dr. Cr
$ $
Rent expense. 1,000
Rent prepaid. 1,000
Account Name. Dr. Cr
$ $
Tax expense. 1,750
Tax payable. 1,750
Account Name. Dr. Cr
$ $
Deferred Rent Revenue. 1,550
Rent Revenue. 1,550
Account Name. Dr. Cr
$ $
Salaries expense. 150
Salaries payable. 150
