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:
Homework Answers
Debit Unearned Rent, $11,700; credit Rent Earned, $11,700
Unearned Rent = $3,900 * 3 = $11,700
Add Answer to:
On October 1, Goodwell Company rented warehouse space to a tenant for $3,900 per month.
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:
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 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 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...
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income...
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income of $55,000, assets at the beginning of the year are $262,000 and assets at the end of the year are $312,000. Compute its return on assets. Multiple Choice Ο Ο Ο Ο MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: Account Title Cash R Accounts...
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...
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 June 1, 2021, XYZ rented a warehouse from ABC Company for $3,000 per month, paying...
On June 1, 2021, XYZ rented a warehouse from ABC Company for $3,000 per month, paying $30,000 in advance. Copy the entire question(1, 2 and 3) along with the tables below to answer in the same format 1.) Prepare the adjusting entry for XYZ on 12/31/21 if the original entry was recorded to a temporary account and no additional entries have been made for the year associated with this transaction. (3 pts) 2.) Prepare the adjusting entry for XYZ on...
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...
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income of $55,000, assets at the beginning of the year are $262,000 and assets at the end of the year are $312,000. Compute its return on assets. Multiple Choice Ο Ο Ο Ο MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: Account Title Cash R Accounts...
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 June 1, 2021, XYZ rented a warehouse from ABC Company for $3,000 per month, paying $30,000 in advance. Copy the entire question(1, 2 and 3) along with the tables below to answer in the same format 1.) Prepare the adjusting entry for XYZ on 12/31/21 if the original entry was recorded to a temporary account and no additional entries have been made for the year associated with this transaction. (3 pts) 2.) Prepare the adjusting entry for XYZ on...
Most questions answered within 3 hours.
-
Assume that the population of Mexico is 128
million and that the population increases 1.01
percentannually....
asked 9 minutes ago -
Can someone please help me add appropriate descriptive
comments to each line of code in the...
asked 15 minutes ago -
Romeo wishes to throw a bouquet of flowers to Juliet, who is on
a second-story balcony,...
asked 1 hour ago -
Why is QE a controversial monetary policy tool.
A. It may lead to excessive inflation.B. By...
asked 1 hour ago -
Principles of Programming midterm study guide help!
1.)
______ Which of the following would reference the...
asked 59 minutes ago -
A finite potential well has depth U0 = 2.78 eV . What is the
penetration distance...
asked 1 hour ago -
1. The bus bars of a power station are in two sections A and B
separated...
asked 1 hour ago -
Fiscal policy is the deliberate manipulation of taxes and
government spending to alter GDP, employment, inflation...
asked 2 hours ago -
evaluating an expression using only one digit and + and - as
operators ....3+5-1+7-5+8
-----------------------
stack...
asked 2 hours ago -
Two concentric current loops lie in the same plane. The smaller
loop has a radius of...
asked 3 hours ago -
1)Which of the following is an
important difference between qualified and nonqualified retirement
plans?
a. Qualified...
asked 3 hours ago -
What's the streaming business's problem on the
horizon?
asked 4 hours ago