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On December 1, 2020, Berry Inc. paid $120,000 to cover 12 months of rent, and...

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Accounting

On December 1, 2020, Berry Inc. paid $120,000 to cover 12 months of rent, and Berry starts using the premises on December 1, 2020. Berry paid the cash to their landlord, Laverne Inc. Adjusting entry is made only at the end of the year.

a.Make all 2020 journal entries for Berry Inc. There will be 2 entries

b. Make all 2020 journal entries for Laverne Inc. There will be 2 entries.

c.For each journal entry, what is the effect on total assets, liabilities, equity, revenues, expenses, and net income? Give both direction and amount.

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