The following selected accounts appear in the Birch Company’s unadjusted trial balance as of December 31, the end of the fiscal year (all accounts have normal balances):
Prepaid Maintenance $2,700 Commission Fees Earned $86,000
Supplies 9,400 Rent Expense 10,800
Unearned Commission Fees 9,000
Required:
Prepare the necessary adjusting entries in the general journal as of December 31, assuming the following:
1. On September 1, the company entered into a prepaid equipment maintenance contract. Birch Company paid $2,700 to cover maintenance service for six months, beginning September 1. The payment was debited to Prepaid Maintenance.
2. Supplies on hand at December 31 are $2,900.
3. Unearned commission fees at December 31 are $4,000.
4. Commission fees earned but not yet billed at December 31 are $3,500. (Note: Debit Fees Receivable.)
5. Birch Company’s lease calls for rent of $900 per month payable on the first of each month, plus an annual amount equal to 2% of annual commissions earned. This additional rent is payable on January 10 of the following year.
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The following selected accounts appear in the Birch Company’s unadjusted trial balance as of Decembe...
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