On October 1 Vista View Company rented warehouse space to a tenant for $2.500 per month....
On October 1 Vista View Company rented warehouse space to a tenant for $2.500 per month. The tenant paid five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting period ends on December 31. The adjusting entry needed on December 31 is:
Homework Answers
| The journal entry would be as follows: | |||
| Date | Account Title | Debit | Credit |
| Unearned Service Revenue (2500*3) | $ 7,500 | ||
| Service Revenue | $ 7,500 | ||
| (to record service revenue for the reporting period) | |||
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On October 1 Vista View Company rented warehouse space to a tenant for $2.500 per month....
On October 1, Goodwell Company rented warehouse space to a tenant for $3,900 per month.
On October 1, Goodwell Company rented warehouse space to a tenant for $3,900 per month. The tenant paid five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting period ends on December 31. The adjusting entry needed on December 31 is:
On October 1, Goodwell Company rented warehouse space to a tenant for $2,500 per month and...
On October 1, Goodwell Company rented warehouse space to a tenant for $2,500 per month and received $12,500 for five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting period ends on December 31. The Unearned Rent account balance at the end of December, after adjustment, should be: Multiple Choice $12,500. $5,000. $2,500. $7,500. $10,000. Next Visit question map Question 13 of 25...
On October 1, Goodwell Company rented warehouse space to a tenant for $4,200 per month. The...
On October 1, Goodwell Company rented warehouse space to a tenant for $4,200 per month. The tenant paid five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting period ends on December 31. The adjusting entry needed on December 31 is: Multiple Choice Debit Unearned Rent. $12,600. credit Rent Earned, $12,600 O Debit Unearned Rent, $21,000, credit Rent Earned, $21000, Debit Unearned Rent,...
On November 1, the company rented space to another tenant. Acheck in the amount of...
On November 1, the company rented space to another tenant. A
check in the amount of $9,000, representing three months’ rent in
advance, was received from the tenant on that date. The tenant
occupied the space on November 1. The payment was recorded with a
credit to the Unearned Revenue account. Complete the necessary
adjusting journal entry for December 31. (If no entry is
required for a transaction/event, select "No journal entry
required" in the first account field.)
On November 1, the company, rented space to another tenant. A check in the amount of $9,000,
Journal Entry On November 1, the company, rented space to another tenant. A check in the amount of $9,000, representing three months' rent in advance, was payment was recorded with a credit to the Unearned Rent Revenue account. Complete the necessary adjusting entry for December 31 by selecting the account names and dollar amounts from the drop-down menus.
Question Completion Status QUESTION 1 Which of the following statements is not true? Interim financial reports...
Question Completion Status QUESTION 1 Which of the following statements is not true? Interim financial reports can be based on one-month or three- month Property, plant, and equipment are referred to as plant assets. The fiscal year is any 12 consecutive months (or 52 weeks) used by a business as its annual accounting period. An income statement reports revenues earned less expenses incurred. An unadjusted trial balance shows the account balances after they have been revised to reflect the effects...
Arnez Company’s annual accounting period ends on December 31, 2017. The following information concerns the adjusting ent...
Arnez Company’s annual accounting period ends on December 31, 2017. The following information concerns the adjusting entries to be recorded as of that date. The Office Supplies account started the year with a $2,975 balance. During 2017, the company purchased supplies for $12,287, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2017, totaled $2,618. An analysis of the company's insurance policies provided the following facts. Policy Date of Purchase Months of Coverage...
Arnez Company's annual accounting period ends on December 31. The following information concerns the adjusting entries...
Arnez Company's annual accounting period ends on December 31. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $3,175 balance. During the year, the company purchased supplies for $13,113, which was added to the Office Supplies account. The inventory of supplies available at December 31 totaled $2,794. b. The Prepaid Insurance account had a $30,984 debit balance at December 31 before adjusting for the costs...
Problem 3-2A Preparing adjusting and subsequent journal entries LO C1, A1, P1 Arnez Company's annual accounting...
Problem 3-2A Preparing adjusting and subsequent journal entries LO C1, A1, P1 Arnez Company's annual accounting period ends on December 31, 2017. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,375 balance. During 2017, the company purchased supplies for $18,069, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2017, totaled $3,850. b. An analysis of the...
Journalize the adjusting entry needed at October 31, the fiscal year-end, for each of the following...
Journalize the adjusting entry needed at October 31, the fiscal year-end, for each of the following independent situations. No other adjusting entries have been made for the year (Reco debits first, then credits Exclude explanations from any journal entries ) (Click the icon to view the transactions.) a. On August 1, $4,500 rent was collected in advance. Cash was debited and Unearned rent revenue was credited The tenant was paying six months' rent in advance Journal Entry Debit Credit Date...
On October 1, Goodwell Company rented warehouse space to a tenant for $4,200 per month. The tenant paid five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting period ends on December 31. The adjusting entry needed on December 31 is: Multiple Choice Debit Unearned Rent. $12,600. credit Rent Earned, $12,600 O Debit Unearned Rent, $21,000, credit Rent Earned, $21000, Debit Unearned Rent,...
On November 1, the company rented space to another tenant. A
check in the amount of $9,000, representing three months’ rent in
advance, was received from the tenant on that date. The tenant
occupied the space on November 1. The payment was recorded with a
credit to the Unearned Revenue account. Complete the necessary
adjusting journal entry for December 31. (If no entry is
required for a transaction/event, select "No journal entry
required" in the first account field.)
Question Completion Status QUESTION 1 Which of the following statements is not true? Interim financial reports can be based on one-month or three- month Property, plant, and equipment are referred to as plant assets. The fiscal year is any 12 consecutive months (or 52 weeks) used by a business as its annual accounting period. An income statement reports revenues earned less expenses incurred. An unadjusted trial balance shows the account balances after they have been revised to reflect the effects...
Arnez Company's annual accounting period ends on December 31. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $3,175 balance. During the year, the company purchased supplies for $13,113, which was added to the Office Supplies account. The inventory of supplies available at December 31 totaled $2,794. b. The Prepaid Insurance account had a $30,984 debit balance at December 31 before adjusting for the costs...
Problem 3-2A Preparing adjusting and subsequent journal entries LO C1, A1, P1 Arnez Company's annual accounting period ends on December 31, 2017. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,375 balance. During 2017, the company purchased supplies for $18,069, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2017, totaled $3,850. b. An analysis of the...
Journalize the adjusting entry needed at October 31, the fiscal year-end, for each of the following independent situations. No other adjusting entries have been made for the year (Reco debits first, then credits Exclude explanations from any journal entries ) (Click the icon to view the transactions.) a. On August 1, $4,500 rent was collected in advance. Cash was debited and Unearned rent revenue was credited The tenant was paying six months' rent in advance Journal Entry Debit Credit Date...
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