In anticipation of carrying Mookie The Beagle Concierge branded Inventory, CK charged $432 for 6 months storage locker rental from Lynne's Space to Mookie The Beagle Concierge's VISA credit card on January 1, 2018. So at the end of the accounting period on January 31, Mookie The Beagle Concierge has used 1 month of rent at $72 ($432/6 months = $72 per month). The balance ($360) is a Prepaid Expense: Prepaid Rent, an asset account with future benefit. Since CK had not recorded anything related to the storage locker rental, an adjusting entry is needed to bring accounts up to date at January 31. What entries do u make?

In anticipation of carrying Mookie The Beagle Concierge branded Inventory, CK charged $432 for 6 months storage locker rental from Lynne's Space to Mookie The Beagle Concierge's VISA credit card on January 1, 2018. So at the end of the accounting period on January 31, Mookie The Beagle Concierge has used 1 month of rent at $72 ($432/6 months = $72 per month). The balance ($360) is a Prepaid Expense: Prepaid Rent, an asset account with future benefit. Since CK had not recorded anything related to the storage locker rental, an adjusting entry is needed to bring accounts up to date at January 31. What entries do u make?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 6RE: Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of...

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In anticipation of stocking Mookie The Beagle™ Concierge branded inventory, Cy charged $864 for 6 months storage locker rental from Lynne’s Space to Mookie The Beagle™ Concierge’s VISA credit card on January 1, 2022. So at the end of the accounting period on January 31, Mookie The Beagle™ Concierge has used 1 month of rent @ $144 ($864/6 months = $144 per month). The unused rent ($720) is Prepaid Expense: Prepaid Rent, an asset account with future benefit. Since Cy had not recorded anything related to the storage locker rental, an adjusting entry is needed to bring accounts up to date at January 31. Create Adjusting Journal Entry. (Round your answer to 2 decimal places.) Select Create (+) icon > Journal Entry Enter the adjusting journal entry in QBO on January 31, 2022 Enter Journal No.: ADJ 3 Complete the following table to represent the adjusting entry that you recorded.
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