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----Uruing Accrued Revenues Information: Assume that Porter Properties Inc., a calendar-year company, rented office space, to...
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.)
DO IT! 3 Adjusting Entries for Accruals ACCRUED INCOME CASE 1: Assume that the business entity...
DO IT! 3 Adjusting Entries for Accruals ACCRUED INCOME CASE 1: Assume that the business entity received a promissory note from a customer dated October 1, 2019. The note is amounting P100,000 with interest of 12% per year. The note is due after six(6) months. In December 31, 2019, what is the necessary adjusting entry on December 31, 2019 to recognize the accrued income for 2019? Answer: Debit Credit CASE 2: Solid Enterprise leases space to a tenant. The tenant...
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.
Required information [The following information applies to the questions displayed below.] On December 1, Year 1,...
Required information [The following information applies to the questions displayed below.] On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts. Cash Capital Stock Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office...
please do question 3 Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a...
please do question 3
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During 2019, Greensboro Properties engaged in the following transactions: a. On March 1, Greensboro Properties paid $9,240 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1, 2019. The full amount of the prepayment was debited to prepaid insurance, b. On May 1, Greensboro Properties received $32,280 for...
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it...
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During 2019, Greensboro Properties engaged in the following transactions: a. On March 1, Greensboro Properties pald $10,560 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1, 2019. The full amount of ti prepayment was debited to prepaid insurance. b. On May 1, Greensboro Properties received $35,640 for 1 year's rent from...
[The following information applies to the questions displayed below.] On December 1, Year 1, John and...
[The following information applies to the questions displayed below.] On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts. Cash Capital Stock Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office Supplies Rental...
Problem 3-3B Record adjusting entries (LO3-3) The information necessary for preparing the 2021 year-end adjusting entries...
Problem 3-3B Record adjusting entries (LO3-3) The information necessary for preparing the 2021 year-end adjusting entries for Bearcat Personal Training Academy appears below. Bearcat's fiscal year-end is December 31. 1. Depreciation on the equipment for the year is $5,300. 2. Salaries earned (but not paid) from December 16 through December 31, 2021, are $2,300. 3. On March 1, 2021, Bearcat lends an employee $11,500. The employee signs a note requiring principal and interest at 12% to be paid on February...
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...
The information necessary for preparing the 2021 year-end adjusting entries for Bearcat Personal Training Academy appears...
The information necessary for preparing the 2021 year-end adjusting entries for Bearcat Personal Training Academy appears below. Bearcat’s fiscal year-end is December 31. Depreciation on the equipment for the year is $5,800. Salaries earned (but not paid) from December 16 through December 31, 2021, are $2,800. On March 1, 2021, Bearcat lends an employee $14,000. The employee signs a note requiring principal and interest at 9% to be paid on February 28, 2022. On April 1, 2021, Bearcat pays...
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.)
DO IT! 3 Adjusting Entries for Accruals ACCRUED INCOME CASE 1: Assume that the business entity received a promissory note from a customer dated October 1, 2019. The note is amounting P100,000 with interest of 12% per year. The note is due after six(6) months. In December 31, 2019, what is the necessary adjusting entry on December 31, 2019 to recognize the accrued income for 2019? Answer: Debit Credit CASE 2: Solid Enterprise leases space to a tenant. The tenant...
please do question 3
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During 2019, Greensboro Properties engaged in the following transactions: a. On March 1, Greensboro Properties paid $9,240 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1, 2019. The full amount of the prepayment was debited to prepaid insurance, b. On May 1, Greensboro Properties received $32,280 for...
Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During 2019, Greensboro Properties engaged in the following transactions: a. On March 1, Greensboro Properties pald $10,560 in advance to Patterson Insurance Company for 1 year of insurance beginning March 1, 2019. The full amount of ti prepayment was debited to prepaid insurance. b. On May 1, Greensboro Properties received $35,640 for 1 year's rent from...
Problem 3-3B Record adjusting entries (LO3-3) The information necessary for preparing the 2021 year-end adjusting entries for Bearcat Personal Training Academy appears below. Bearcat's fiscal year-end is December 31. 1. Depreciation on the equipment for the year is $5,300. 2. Salaries earned (but not paid) from December 16 through December 31, 2021, are $2,300. 3. On March 1, 2021, Bearcat lends an employee $11,500. The employee signs a note requiring principal and interest at 12% to be paid on February...
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...
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