Three former college classmates have decided to pool a variety of work experienc
ID: 2374153 • Letter: T
Question
Three former college classmates have decided to pool a variety of work experiences by opening a store near campus to sell wireless equipment to students. The business has been incorporated as University Wireless.
Transaction 3
A store was rented for $500 per month. A lease was signed for one year on March 1. Rent for the first 2 months was paid in advance. [Note: Record the March 1 transaction first and the March 31 adjustment second.]
Account: Dollar amount:
Account: Dollar amount:
Account: Dollar amount:
Account: Dollar amount:
Account: Dollar amount:
For account parts, you should choose from options below:
Cash,
Accounts Receivable,
Inventory,
Prepaid Rent,
Fixtures and equipments,
Accounts Payable,
Interest Payable,
Wages Payable,
Notes Payable,
Paid-in Capital,
Retained Earnings,
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Explanation / Answer
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