Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. Entry to record janitorial expense incurred but not yet paid.
Entry to record rent expense incurred but not yet paid.
Entry to record interest expense incurred but not yet paid.
Entry to record expiration of prepaid rent.
Entry to record supplies used as supplies expense.
Accounts Account Title Financial Statement
A. Account to be debited Accounts receivable Balance sheet
Account to be credited Consulting services revenue Income statement
B. Account to be debited Interest receivable Balance sheet
Interest revenue earned Income statement
C. Account to be dedited Accounts receivable Balance sheet
Account to be crebited Services revenue earned Income statement
D. Account to be debited Janitorial expense
Account to be credited Accrued expenses payable Balance sheet
Income statement.
E. Account to be debited Rent expense Balance sheet
Account to be credited Accrued expenses payable Income statement.