Question

jenkins rentals company faced the following situations. view the situations. requirement 1. journalize the adjusting entry needed at december 31, 2023, for each situation. consider each fact separately (record explanations from any journal entries.) c. on july 1, 2023, when the business collected $14,200 rent in advance, it debited cash and credited unearned rent revenue. accounts debit credit c. unearned rent revenue 3,550 rent revenue 3,550 d. salary expense is $5,700 per day—monday through friday—and the business pays employees each friday. this year, de accounts debit credit d. salary expense 22,800 salary payable 22,800 e. the unadjusted balance of the supplies account is $3,100. the total cost of supplies on hand is $1,200. accounts debit credit e.

Explanation:

Step1: Calculate supplies used

The supplies used is the difference between the unadjusted balance and the supplies on - hand. So, Supplies used = Unadjusted balance - Supplies on hand = $3100 - 1200=\$1900$.

Step2: Determine the adjusting entry

We need to debit Supplies Expense (to recognize the expense of the supplies used) and credit Supplies (to reduce the asset account for the supplies that have been used).

Answer:

Accounts	Debit	Credit
Supplies		1900