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Ex. 1: Rent paid in advance amounting to $1,500 on January 1, 2019. During the month...
On October 25, 2019, the company paid $27.000 rent in advance for the six-month period (November...
On October 25, 2019, the company paid $27.000 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 ( a $9.000 debit to Rent Expense ) a $4,500 credit to Cash ) a $27.000 credit to Rent Expense. a $4.500 credit to Prepaid Rent
On October 25, 2019, the company paid $26,400 rent in advance for the six-month period (November...
On October 25, 2019, the company paid $26,400 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 a $8,800 debit to Rent Expense. a $4,400 credit to Cash. a $26,400 credit to Rent Expense. a $4,400 credit to Prepaid Rent.
On January 1 of the current year, Cruella Company paid $1,500 rent to cover six months...
On January 1 of the current year, Cruella Company paid $1,500 rent to cover six months (January through June). Cruella recorded this transaction as follows: Journal Entry Date Accounts Debit Credit Jan 1 Prepaid Rent 1,500 Cash 1,500 Cruella's adjusting entry at the end of February included a debit to Rent Expense in the amount of $250. What effect does the adjusting entry have on Cruella's net income for February? A. increase by $500 B. decrease by $250 C. increase...
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
Ex. 3: At the end of the accounting year 2019, salaries amounting to $2,500 are outstanding....
Ex. 3: At the end of the accounting year 2019, salaries amounting to $2,500 are outstanding. What adjusting entry would be made for it at the end of the accounting year
On June 1, 2019, an advance rent payment of $8,400, representing a four-month prepayment for the...
On June 1, 2019, an advance rent payment of $8,400, representing a four-month prepayment for the months of June, July, August, and September, was received in cash from the company’s tenant. The adjusting entry that will be made at the end of each month to show the amount of rent “earned” during the month is: a. Dr.Unearned Rent Revenue 2,100/ Cr.Rent Revenue 2,100 b. Dr.Cash 2,100 /Cr.Rent Revenue 2,100 c. Dr.Unearned Rent Revenue 6,300/ Cr.Rent Revenue 6,300 d. Dr.Cash 8,400...
A company is in its first month of operations. On January 1, the company pays 3...
A company is in its first month of operations. On January 1, the company pays 3 months of rent in advance for $200. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided. Of no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the $2,100 rent paid for 3 months on January 1. Debit Credit Note:...
On July 1, Sidney Consulting Services paid $18,000 for 12 months of advance rent on its...
On July 1, Sidney Consulting Services paid $18,000 for 12 months of advance rent on its office building. Select the adjusting entry made on December 31, to record the amount of rent that had expired during the year Multiple Choice Prepaid Rent... Rent Expense.. $ 18,000 $18,000 Prepaid Rent..... Rent Expense. $ 10,500 $18, see $ 10,500 Rent Expense... Prepaid Rent... $19,500 Multiple Choice Prepaid Rent...... Rent Expense.... $ 18, eee $18,000 Prepaid Rent..... Rent Expense.... $ 10,500 $18, see...
DO IT! 2 Adjusting Entries for Deferrals DEFERRED INCOME CASE 1: On November 1, 2019, Borja...
DO IT! 2 Adjusting Entries for Deferrals DEFERRED INCOME CASE 1: On November 1, 2019, Borja (Sole Proprietor) leased a portion of its building for a monthly rental fee of P20,000. On the same day, Borja received a three-month advance rental of P60,000 from a tenant. The entry made upon receipt of payment from tenant was debit to Cash and credit to Unearned Rent Revenue amounting to P60,000. What is the adjusting entry needed on December 31, 2019? Answer: Debit...
On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts...
On January 1, 2021, the general ledger of Dynamite Fireworks
includes the following account balances:
Accounts
Debit
Credit
Cash
$
25,500
Accounts Receivable
6,900
Supplies
4,800
Land
67,000
Accounts Payable
$
4,900
Common Stock
82,000
Retained Earnings
17,300
Totals
$
104,200
$
104,200
During January 2021, the following transactions occur:
January
2
Purchase rental space for one year in advance, $11,100
($925/month).
January
9
Purchase additional supplies on account, $5,200.
January
13
Provide services to customers on account, $27,200.
January...
On October 25, 2019, the company paid $27.000 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 ( a $9.000 debit to Rent Expense ) a $4,500 credit to Cash ) a $27.000 credit to Rent Expense. a $4.500 credit to Prepaid Rent
On January 1 of the current year, Cruella Company paid $1,500 rent to cover six months (January through June). Cruella recorded this transaction as follows: Journal Entry Date Accounts Debit Credit Jan 1 Prepaid Rent 1,500 Cash 1,500 Cruella's adjusting entry at the end of February included a debit to Rent Expense in the amount of $250. What effect does the adjusting entry have on Cruella's net income for February? A. increase by $500 B. decrease by $250 C. increase...
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
Ex. 3: At the end of the accounting year 2019, salaries amounting to $2,500 are outstanding. What adjusting entry would be made for it at the end of the accounting year
A company is in its first month of operations. On January 1, the company pays 3 months of rent in advance for $200. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided. Of no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the $2,100 rent paid for 3 months on January 1. Debit Credit Note:...
On July 1, Sidney Consulting Services paid $18,000 for 12 months of advance rent on its office building. Select the adjusting entry made on December 31, to record the amount of rent that had expired during the year Multiple Choice Prepaid Rent... Rent Expense.. $ 18,000 $18,000 Prepaid Rent..... Rent Expense. $ 10,500 $18, see $ 10,500 Rent Expense... Prepaid Rent... $19,500 Multiple Choice Prepaid Rent...... Rent Expense.... $ 18, eee $18,000 Prepaid Rent..... Rent Expense.... $ 10,500 $18, see...
DO IT! 2 Adjusting Entries for Deferrals DEFERRED INCOME CASE 1: On November 1, 2019, Borja (Sole Proprietor) leased a portion of its building for a monthly rental fee of P20,000. On the same day, Borja received a three-month advance rental of P60,000 from a tenant. The entry made upon receipt of payment from tenant was debit to Cash and credit to Unearned Rent Revenue amounting to P60,000. What is the adjusting entry needed on December 31, 2019? Answer: Debit...
On January 1, 2021, the general ledger of Dynamite Fireworks
includes the following account balances:
Accounts
Debit
Credit
Cash
$
25,500
Accounts Receivable
6,900
Supplies
4,800
Land
67,000
Accounts Payable
$
4,900
Common Stock
82,000
Retained Earnings
17,300
Totals
$
104,200
$
104,200
During January 2021, the following transactions occur:
January
2
Purchase rental space for one year in advance, $11,100
($925/month).
January
9
Purchase additional supplies on account, $5,200.
January
13
Provide services to customers on account, $27,200.
January...
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