Answer:
Cullen Corporation
Adjusting Journal Entries:
Debit Maintenance and Repairs Expense $770
Credit Accounts Payable $770
To record costs incurred but not yet paid for.
Debit Utilities Expense $240
Credit Utilities Payable $240
To record utilities expense incurred but not yet paid for.
Debit Rent Receivable $1,900
Credit Rent Revenue $1,900
To record rent revenue due.
Explanation:
a) Data and Analysis:
Maintenance and Repairs Expense $770 Accounts Payable $770
Utilities Expense $240 Utilities Payable $240
Accounts Receivable $1,900 Rent Revenue $1,900
The adjusting entries related to these events are shown in the image below.
Adjusting entries are those journal entries that are normally made at the end of an accounting period.
It is made at the end of the accounting period to assign income and expenditure to the time period in which they actually happened or occurred.
Required information according to the given case:
Maintenance and Repairs Expense is $770, Accounts Payable $770, Utilities Expense is $240 Utilities Payable is $240, Accounts Receivable is $1,900, and Rent Revenue is $1,900.
Therefore, the adjustment entries of the above transactions are given in the image below.
To learn more about the adjustment entries, refer to:
https://brainly.com/question/14697723
