Nama : Alfito Dwi Yuliansyah

NPK : 11200000119

Tugas TM1 Akuntansi Keuangan 1

Chapter3-20 (absen 21) – ‘Adjusting and Reversing Entries’

When the accounts of Constantine Inc. Are examined, the adjusting data listed below are
uncovered on December 31, the end of annual fiscal period.
1. The prepaid insurance account shows a debit of $6,000, representing the cost of a 2-
year five insurance policy dated August 1 of the current year.
2. On November 1, Rent Revenue was credited for $2,400, representing revenue from a
subrental for a 3-month period beginning on that date.
3. Purchase of advertising materials for $800 during the year was recorded in the
Supplies Expense account On December 31, advertising materials of $290 are on
hand.
4. Interest of $770 has accrued on notes payable.
Instructions
Prepare the following in general journal form.
(a) The adjusting entry for each item.
(b) The reversing entry for each item where appropriate.

Answer

Adjusting entries:
Insurance expense ($6000 X 5/24)..... 1,250
Prepaid incurance............................. 1,250
Rent revenue ($2,400 X 1/3).............. 800
Unearned rent revenue.................... 800
Supplies.............................................. 290
Advertising expense.......................... 290
Interest expense................................. 770
Interest payable................................ 770

Reversing entries:
Unearned rent revenue........................ 800
Rent revenue...................................... 800
Advertising expense............................. 290
Supplies.............................................. 290
Interest payable................................... 770
Interest expense................................. 770
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