Homework Answers
Answer
- $ 11600 was received as an advance.
- When it is received as an advance, it must be recorded as a Deferred Revenue, because the revenue was not ‘earned’.
- The revenue will be earned in coming 24 months.
- Correct Answer = Option 2:
Debit Cash,
Credit Deferred Revenue.
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Summer Leasing received $11,600 from a customer to cover 24 months of rent in advance. How...
Summer Leasing received $10,200 for 24 months rent in advance. How should Summer record this transaction?...
Summer Leasing received $10,200 for 24 months rent in advance. How should Summer record this transaction? Multiple Choice Debit rent expense; credit cash ) Debit cash; credit deferred revenue Debit cash; credit service revenue Debit prepaid rent; credit rent expense
Offshore International Leasing (OIL) received $43,200 for 12 months' rent in advance. How should oil record...
Offshore International Leasing (OIL) received $43,200 for 12 months' rent in advance. How should oil record this transaction? 6 Multiple Choice 2 points 01:20:37 O Interest expense Interest payable 43,200 43,200 salaries expense Salaries payable 43,200 43,200 Prepaid rent Rent expense 43,200 43,200 Cash Deferred rent revenue 43,200 43,200
AlfordCo paid $11,800 in advance for six months of rent. What journal entry will AlfordCo prepare...
AlfordCo paid $11,800 in advance for six months of rent. What journal entry will AlfordCo prepare to record this transaction? Multiple Choice Debit Cash and credit Deferred Rent for $11,800 Debit Rent Expense and credit Cash for $11,800 O O Debit Prepaid Rent and credit Cash for $11,800 Debit Cash and credit Prepaid Rent for $11,800
Aircraft Plane Builders (APB) sold a small passenger airplane for $980,000, receiving a a 12% note...
Aircraft Plane Builders (APB) sold a small passenger airplane for $980,000, receiving a a 12% note receivable instead of cash. The journal entry to record this sale would include a: Multiple Choice Credit to notes receivable. Credit to interest revenue. Debit to notes receivable. Credit to cash. Offshore International Leasing (OIL) received $55,200 for 12 months' rent in advance. How should OIL record this transaction? Multiple Choice 55,200 Cash Deferred rent revenue 55,200 Interest expense Interest payable 55,200 55,200 O...
On July 7, Saints Inc. received $10,200 in cash from a customer for services to be...
On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Which of the following describes how the transaction should be recorded on July 7? Multiple Choice Debit cash $10,200, credit deferred revenue $10,200 Debit accounts receivable $10,200, credit service revenue $10,200 o Debit cash $10,200, credit service revenue $10,200 o Debit deferred revenue $10,200, credit cash $10,200
A. On May 1st, 2019, Desert paid $180,000 in advance for 18 months rent on its...
A. On May 1st, 2019, Desert paid $180,000 in advance for 18 months rent on its new warehouse. At the time, Desert debited a Nominal Account! B. On August 1st, 2019, Desert received $120,000 cash in advance for services to be provided over the next 6 months. At the time, Desert credited a Real account, For your account titles, choose from: Unearned Une Rent Prepaid Rent Revenue Prepaid Services Revenue Rent Expense Revenue i Service Expense Revenue Unearned Service "Because...
On July 1, 2021, Charlie Co. paid $18,000 to Rent-An-Office for rent covering 18 months from...
On July 1, 2021, Charlie Co. paid $18,000 to Rent-An-Office for rent covering 18 months from July 2021 through December 2022. What adjusting entry should Charlie Co. record on December 31, 20217 Multiple Choice O Debit Rent Expense and credit Cash for $18,000 O Debit Rent Expense and credit Prepaid Rent for $18,000 O Debit Prepaid Rent and credit Rent Expense for $6.000 O Debit Rent Expense and credit Prepaid Rent for $6.000
Recording the collection of three months of advance rent from a client in an unearned account...
Recording the collection of three months of advance rent from a client in an unearned account would be an example of a(n): OA, O B. OC. OD, deferred expense. deferred revenue. accrued expense. accrued revenue. Cash, Common Stock, and Advertising Expense have normal balances of: O A. debit, credit, and debit, respectively. O B. credit, debit, and debit, respectively. C. 0 D. credit, credit, and credit, respectively debit, debit, and credit, respectively Item costs that have been incurred, but not...
UUS! 1043 Quiz (from chapter 3 and 4)2 Student name and number nber's rent payment. Quick...
UUS! 1043 Quiz (from chapter 3 and 4)2 Student name and number nber's rent payment. Quick Corp. mails the 1) On October 25, 2013 Quick Corp. prints a cheque for November's rent payment. Quick Corp. cheque on October 27 to the landlord. The landlord receives the cheque October 31 and cashes the on November 2. When should Quick Corp. record the rent expense associated with this transaction A) October 25, 2013 B) October 27, 2013 C) November 30, 2013 D)...
On October 25, 2019, the company paid $34,800 rent in advance for the six-month period (November...
On October 25, 2019, the company paid $34,800 rent in advance for the six-month period (November 2019 through April 2020). On December 31, 2019, the adjustment for expired rent would include: Multiple Choice O a $11,600 debit to Rent Expense. 0 a $5.800 credit to Cash O O a $34,800 credit to Rent Expense O 0 a $5.800 credit to Prepaid Rent
Summer Leasing received $10,200 for 24 months rent in advance. How should Summer record this transaction? Multiple Choice Debit rent expense; credit cash ) Debit cash; credit deferred revenue Debit cash; credit service revenue Debit prepaid rent; credit rent expense
Offshore International Leasing (OIL) received $43,200 for 12 months' rent in advance. How should oil record this transaction? 6 Multiple Choice 2 points 01:20:37 O Interest expense Interest payable 43,200 43,200 salaries expense Salaries payable 43,200 43,200 Prepaid rent Rent expense 43,200 43,200 Cash Deferred rent revenue 43,200 43,200
AlfordCo paid $11,800 in advance for six months of rent. What journal entry will AlfordCo prepare to record this transaction? Multiple Choice Debit Cash and credit Deferred Rent for $11,800 Debit Rent Expense and credit Cash for $11,800 O O Debit Prepaid Rent and credit Cash for $11,800 Debit Cash and credit Prepaid Rent for $11,800
Aircraft Plane Builders (APB) sold a small passenger airplane for $980,000, receiving a a 12% note receivable instead of cash. The journal entry to record this sale would include a: Multiple Choice Credit to notes receivable. Credit to interest revenue. Debit to notes receivable. Credit to cash. Offshore International Leasing (OIL) received $55,200 for 12 months' rent in advance. How should OIL record this transaction? Multiple Choice 55,200 Cash Deferred rent revenue 55,200 Interest expense Interest payable 55,200 55,200 O...
On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Which of the following describes how the transaction should be recorded on July 7? Multiple Choice Debit cash $10,200, credit deferred revenue $10,200 Debit accounts receivable $10,200, credit service revenue $10,200 o Debit cash $10,200, credit service revenue $10,200 o Debit deferred revenue $10,200, credit cash $10,200
A. On May 1st, 2019, Desert paid $180,000 in advance for 18 months rent on its new warehouse. At the time, Desert debited a Nominal Account! B. On August 1st, 2019, Desert received $120,000 cash in advance for services to be provided over the next 6 months. At the time, Desert credited a Real account, For your account titles, choose from: Unearned Une Rent Prepaid Rent Revenue Prepaid Services Revenue Rent Expense Revenue i Service Expense Revenue Unearned Service "Because...
On July 1, 2021, Charlie Co. paid $18,000 to Rent-An-Office for rent covering 18 months from July 2021 through December 2022. What adjusting entry should Charlie Co. record on December 31, 20217 Multiple Choice O Debit Rent Expense and credit Cash for $18,000 O Debit Rent Expense and credit Prepaid Rent for $18,000 O Debit Prepaid Rent and credit Rent Expense for $6.000 O Debit Rent Expense and credit Prepaid Rent for $6.000
Recording the collection of three months of advance rent from a client in an unearned account would be an example of a(n): OA, O B. OC. OD, deferred expense. deferred revenue. accrued expense. accrued revenue. Cash, Common Stock, and Advertising Expense have normal balances of: O A. debit, credit, and debit, respectively. O B. credit, debit, and debit, respectively. C. 0 D. credit, credit, and credit, respectively debit, debit, and credit, respectively Item costs that have been incurred, but not...
UUS! 1043 Quiz (from chapter 3 and 4)2 Student name and number nber's rent payment. Quick Corp. mails the 1) On October 25, 2013 Quick Corp. prints a cheque for November's rent payment. Quick Corp. cheque on October 27 to the landlord. The landlord receives the cheque October 31 and cashes the on November 2. When should Quick Corp. record the rent expense associated with this transaction A) October 25, 2013 B) October 27, 2013 C) November 30, 2013 D)...
On October 25, 2019, the company paid $34,800 rent in advance for the six-month period (November 2019 through April 2020). On December 31, 2019, the adjustment for expired rent would include: Multiple Choice O a $11,600 debit to Rent Expense. 0 a $5.800 credit to Cash O O a $34,800 credit to Rent Expense O 0 a $5.800 credit to Prepaid Rent
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