Monroe Company recorded these transactions during the year.Monroe Company has an accounting year-end of December 31. 1. An insurance policy was recorded on Juy l in the amount of $5,000, recorded as prepaid insurance. The policy provides liability protection for a one-year period.
2. Monroe Company rents property for $\$ 1,000$ per month. Rent revenue has not been received for Decermber.
3. Income taxes of $8,000 need to be recorded for December.
4. A pramis5ary nate payable of $\$ 10,000$ was recorded on October 1. At December 31, interest payable of $200 was owed.
5. At December 31, salary expense of $800 was payable.
Required:
Record the adjusting entries at December 31 using T accounts.Use the number of the transaction in lieu of a date for identification purposes.

Question

Monroe Company recorded these transactions during the year.Monroe Company has an accounting year-end of December 31. 1. An insurance policy was recorded on Juy l in the amount of $5,000, recorded as prepaid insurance. The policy provides liability protection for a one-year period.
2. Monroe Company rents property for $\$ 1,000$ per month. Rent revenue has not been received for Decermber.
3. Income taxes of $8,000 need to be recorded for December.
4. A pramis5ary nate payable of $\$ 10,000$ was recorded on October 1. At December 31, interest payable of $200 was owed.
5. At December 31, salary expense of $800 was payable. 
Required:
Record the adjusting entries at December 31 using T accounts.Use the number of the transaction in lieu of a date for identification purposes.

Quizplus · Accepted Answer

The Answer of Monroe Company recorded these transactions during the year.Monroe Company has an accounting year-end of December 31. 1. An insurance policy was recorded on Juy l in the amount of $5,000, recorded as prepaid insurance. The policy provides liability protection for a one-year period.
2. Monroe Company rents property for $\$ 1,000$ per month. Rent revenue has not been received for Decermber.
3. Income taxes of $8,000 need to be recorded for December.
4. A pramis5ary nate payable of $\$ 10,000$ was recorded on October 1. At December 31, interest payable of $200 was owed.
5. At December 31, salary expense of $800 was payable. 
Required:
Record the adjusting entries at December 31 using T accounts.Use the number of the transaction in lieu of a date for identification purposes.

Monroe Company Recorded These Transactions During the Year $1,000\$ 1,000$1,000 Per Month Rent Revenue Has Not Been Received for Decermber

Monroe Company Recorded These Transactions During the Year $\$ 1,000$ Per Month Rent Revenue Has Not Been Received for Decermber