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List multiple items in descending order of amount.)
Quirk Company purchased office supplies costing 6,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed 2,400 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be
Baden Realty Company received a check for 18,000 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent was credited for the full 18,000. Financial statements will be prepared on July 31. Baden Realty should make the following adjusting entry on July 31:
On July 1, Dexter Shoe Store paid 8,000 to Ace Realty for 4 months rent beginning July 1. Prepaid Rent was debited for the full amount. If financial statements are prepared on July 31, the adjusting entry to be made by Dexter Shoe Store is
Southeastern Louisiana University sold season tickets for the 2008 football season for 160,000. A total of 8 games will be played during September, October and November. In September, two games were played. In October, three games were played. The balance in Unearned Revenue at October 31 is
Southeastern Louisiana University sold season tickets for the 2008 football season for 160,000. A total of 8 games will be played during September, October and November. ...Show more

Summary

Prepare the income and owner's equity statements for the year and the balance sheet at August 31. (List multiple entries in descending order of amounts. For the balance sheet, list assets in order of liquidity and liabilities in descending order of amounts.)
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