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On October 1, Stansel Co. rented warehouse space to a tenant for $2,500 per month and received $12,500 for five months’ rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company’s annual accounting period ends on December 31. The Unearned Rent account balance at the end of December, after adjustment, should be:

The general journal is known as the book of final entry because financial statements are prepared from it.

Posting is the transfer of journal entry information to the ledger.

Marksfield leases office space for $7,000 per month. On January 3, the company incurs $12,000 to improve the leased office space. These improvements are expected to yield benefits for 10 years. Marksfield has 4 years remaining on its lease. What journal entry would be needed to record the expense for the first year related to the improvements?

Boynton Corp. borrows $80,000 cash from Fifth National Bank. How does this transaction affect the accounting equation for Boynton?

On August 31 of the current year, the assets and liabilities of MacBride, Inc. are as follows: Cash $30,000; Supplies, $600; Equipment, $10,000; Accounts Payable, $8,500. What is the amount of equity as of August 31 of the current year?

Jefferson Limo Services paid $300 cash to employees for work performed in the current period. Which of the following general journal entries will Jefferson Limo Services make to record this transaction?

The assets section of a classified balance sheet usually includes the subgroups:

The adjusting entry at the end of an accounting period to record the unpaid salaries of employees for work provided is:

The area of accounting aimed at serving the decision making needs of internal users is: