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
