Monroe Company Recorded These Transactions During the Year $\$ 1,000$ Per Month Rent Revenue Has Not Been Received for Decermber

question 60

Essay

Monroe Company recorded these transactions during the year.Monroe Company has an accounting year-end of December 31. 1. An insurance policy was recorded on Juy l in the amount of $5,000, recorded as prepaid insurance. The policy provides liability protection for a one-year period.
2. Monroe Company rents property for $\$ 1,000$ per month. Rent revenue has not been received for Decermber.
3. Income taxes of $8,000 need to be recorded for December.
4. A pramis5ary nate payable of $\$ 10,000$ was recorded on October 1. At December 31, interest payable of $200 was owed.
5. At December 31, salary expense of $800 was payable.
Required:
Record the adjusting entries at December 31 using T accounts.Use the number of the transaction in lieu of a date for identification purposes.

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Definitions:

Social Anxiety Disorder

A chronic mental health condition characterized by an intense fear or anxiety in one or more social situations, leading to significant distress or impaired ability to function in daily activities.

Cognitive Theorists

Scholars and researchers who study the mental processes involved in knowing, including perception, memory, judgment, and reasoning.

Social Events

Gatherings or activities designed for the purpose of socialization, interaction, and entertainment among participants.

Modeling

A method used in psychology to learn through the observation and imitation of others.