On September 1, 2023, Baker Construction, Inc. signed a contract to rent a warehouse. Baker's rent on the warehouse started that same day. On September 1, the landlord did not require Baker to pay the first month's rent. The landlord indicated that she would stop-by on October 5 to collect the $2,000 of rent for the month of September. The following is a partial list of the accounts in Baker's General Ledger. These are the only accounts you need for this problem. ▷ Cash ▷ Rent Payable (liability account) ▷ Rent Expense Use the forms on Tab 7-8 in the Excel workbook Chapter 07 c - Problem 7-1 to 7-8 Forms to complete this problem. Requirement 1 Prepare the General Journal entry Baker should make on September 1, 2023. If no entry is required, put "No Entry Required" on the General Journal form. Requirement 2 Prepare the September 30, 2023 Rent Payable adjusting entry. If no entry is required, put "No Entry Required" on the General Journal form. Requirement 3 Prepare the General Journal entry Baker should make on October 5, 2023 to record the $2,000 payment of September's rent. If no entry is required, put "No Entry Required" on the General Journal form.
On September 1, 2023, Baker Construction, Inc. signed a contract to rent a warehouse. Baker's rent on the warehouse started that same day. On September 1, the landlord did not require Baker to pay the first month's rent. The landlord indicated that she would stop-by on October 5 to collect the $2,000 of rent for the month of September. The following is a partial list of the accounts in Baker's General Ledger. These are the only accounts you need for this problem. ▷ Cash ▷ Rent Payable (liability account) ▷ Rent Expense Use the forms on Tab 7-8 in the Excel workbook Chapter 07 c - Problem 7-1 to 7-8 Forms to complete this problem. Requirement 1 Prepare the General Journal entry Baker should make on September 1, 2023. If no entry is required, put "No Entry Required" on the General Journal form. Requirement 2 Prepare the September 30, 2023 Rent Payable adjusting entry. If no entry is required, put "No Entry Required" on the General Journal form. Requirement 3 Prepare the General Journal entry Baker should make on October 5, 2023 to record the $2,000 payment of September's rent. If no entry is required, put "No Entry Required" on the General Journal form.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter4: Income Measurement And Accrual Accounting
Section: Chapter Questions
Problem 4.6E: Prepaid Rent—Quarterly Adjustments On September 1, Northhampton Industries signed a six-month...
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Produce a solution for the following questions
Transcribed Image Text:Chapter 7 - Adjusting Entries
SOLID FOOTING 93
Problem 7-8 Accrue Rent Payable - Pay Rent the Following Month
On September 1, 2023, Baker Construction, Inc. signed a contract to rent a warehouse. Baker's
rent on the warehouse started that same day. On September 1, the landlord did not require Baker
to pay the first month's rent. The landlord indicated that she would stop-by on October 5 to collect
the $2,000 of rent for the month of September.
The following is a partial list of the accounts in Baker's General Ledger. These are the only
accounts you need for this problem.
▷ Cash
▷ Rent Payable (liability account)
▷ Rent Expense
Use the forms on Tab 7-8 in the Excel workbook Chapter 07 c - Problem 7-1 to 7-8 Forms to
complete this problem.
Requirement 1
Prepare the General Journal entry Baker should make on September 1, 2023. If no entry is
required, put "No Entry Required" on the General Journal form.
Requirement 2
Prepare the September 30, 2023 Rent Payable adjusting entry. If no entry is required, put "No
Entry Required" on the General Journal form.
Requirement 3
Prepare the General Journal entry Baker should make on October 5, 2023 to record the $2,000
payment of September's rent. If no entry is required, put "No Entry Required" on the General
Journal form.
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