Determination of the Correct Dollar Amounts Accounting Chapter

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Adjusting Journal Entries: [181280Q4020218]On Jan. 1, Year 3, BUAD Company had a proper balance in Rent Payable of $5,600 as a carryover from the prior year’s balance sheet. BUAD had leased an office on June 1, Year 2, at a cost of $800 per month. BUAD began using the office immediately on that date. The agreement required BUAD to pay for the entire one-year lease at the end of the lease term, June 1, Year 3.When this one-year lease term expired on June 1, Year 3, BUAD renewed the lease as a monthly rate of $900 and agreed to pay for the new lease in full on June 1, Year 3. [This payment was in addition to the payment required at the end of the first year’s lease covering the first year’s use.]BUAD paid the landlord a check for $20,400 on June 1, Year 3, covering both years’ rent in full as required according to the agreements. The firm recorded this payment on June 1, Year 3, as a debit to Rent Expense and credit to Cash both for $20,400.

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Required: Show the proper [AJE] at Dec. 31, Year 3, the end of BUAD’s fiscal year.Debit or Credit Account Title Amount__________________________________________________________________________________________________________________________Jan…

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…$25,000 of Notes Payable were issued in exchange for Property, Plant and Equipment. This involves an exchange of Notes Payable for Property, Plant and Equipment.3. During Year 2, the firm sold Investments for $20,000 cashQuiz continues on next page.Articulation Exercise (continued): [181280Q4020218]Required: Determine the correct dollar amounts for each of the following items:1. Cash paid for salaries in Year 2. $68,0002. Payments for the purchase of Investments in Year 2. $20,0003. Notes Payable paid off in Year 2 $44,0004. Cash dividends paid in Year 2. $4,0005. Cash from the sale of PPE in Year 2. $25,0006. Cash collected from customers in….....

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