On January 2, Dog Mart prepaid $30,000 rent for the year and recorded the prepayment in...
On January 2, Dog Mart prepaid $30,000 rent for the year and recorded the prepayment in an asset account. Required: Prepare the January 31 adjusting entry for rent expense.
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![Credit Date Jan. 31 Account Titles and Explanation Rent Expense Prepaid Rent Debit $250 ($30,000 x (1/12)] $250 Explanation:](http://img.homeworklib.com/questions/84224400-7223-11ea-9c2c-d579834d5170.png?x-oss-process=image/resize,w_560)
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On January 2, Dog Mart prepaid $30,000 rent for the year and
recorded the prepayment in...
A company pays $36.000 for 12 months rent on January 1, recording the prepayment as an...
A company pays $36.000 for 12 months rent on January 1, recording the prepayment as an asset. The adjusting entry on March 31 is a debit to Rent Expense of $9,000, and a credit to Prepaid Rent of $9.000. Select one True False
The balance in the Prepaid Rent account before adjustment at the end of the year is...
The balance in the Prepaid Rent account before adjustment at the end of the year is $24900, which represents three months' rent paid on December 1. The adjusting entry required on December 31 is to O debit Prepaid Rent $16600, credit Rent Expense. $16600 debit Prepaid Rent $8300: credit Rent Expense, $8300 debit Rent Expense, $8300, credit Prepaid Rent. $8300 debit Rent Expense, 516600;credit Prepaid Rent $16600 At March 1, 2020, Vaughn Corp. had supplies on hand of $550. During...
The balance in the prepaid rent account before adjustment at the end of the year is...
The balance in the prepaid rent account before adjustment at the end of the year is $13,099, which represents 7 months' rent paid on December 1. The adjusting entry required on December 31 is a.debit Prepaid Rent, $11,228; credit Rent Expense, $1,871 b.debit Rent Expense, $11,228; credit Prepaid Rent, $1,871 c.debit Rent Expense, $1,871; credit Prepaid Rent, $1,871 d.debit Prepaid Rent, $1,871; credit Rent Expense, $1,871
c. Prepaid Rent. On September 1 of the current year, the company prepaid $46,800 for two...
c. Prepaid Rent. On September 1 of the current year, the company prepaid $46,800 for two years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $46,800. DR or CR? Prepaid Rent Step 1: Determine what the current account balance equals. 46,800 Debit 46,800 Step 2: Determine what the current account balance should equal. $ 7,800 Debit 7,800 Step 3: Record the December 31, adjusting entry to get from step 1 to...
please help me solve for the correct amount for deferred rent revenue and rent revenue The...
please help me solve for the correct amount for deferred rent
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The following transactions occurred during December 31, 2021, for the Microchip Company, 1. On October 1, 2021, Microchip lent $83,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $7.200 representing rent for the months of November through January. Prepaid rent was debited. 3. On...
i got the number for deferred rent and rent revenue wrong as shown in picture. what...
i got the number for deferred rent and rent revenue wrong as
shown in picture. what is the correct answer?
The following transactions occurred during December 31, 2021, for the Microchip Company 1. On October 1, 2021, Microchip lent $83,000 to another company. A note was signed with principal and 8% Interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $7,200 representing rent for the months of November through January Prepaid...
1,280 Prepaid insurance 1,280 c. Prepaid Rent. On September 1 of the current year, the company...
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Garcia Company had the following selected transactions during the year. Jan. 1 The company paid $8,000...
Garcia Company had the following selected transactions during the year. Jan. 1 The company paid $8,000 cash for 12 months of insurance coverage beginning immediately. Aug 1 The company received $5,400 cash in advance for 6 months of contracted services beginning on August 1 and ending on January 31. Dec. 31 The company prepared any necessary year-end adjusting entries related to insurance coverage and services performed. Dec. 31 The company prepared any necessary year-end adjusting entries related to insurance coverage...
a. Prepaid Insurance. The Prepaid Insurance account has a $5,500 debit balance to start the year....
a. Prepaid Insurance. The Prepaid Insurance account has a $5,500 debit balance to start the year. A review of insurance policies shows that $1,300 of unexpired insurance remains at year-end. Prepaid insurance Debit Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Debit Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Insurance oxpense Prepaid insurance b. Prepaid Insurance. The Prepaid Insurance account...
Happy Valley Catering prepaid rent of $36,000 on January 1, 2019 for the following year. The...
Happy Valley Catering prepaid rent of $36,000 on January 1, 2019 for the following year. The Journal Entry for rent for each month during 2018 would be: Prepaid Rent, debit $36,000; Rent Expense, credit $36,000 Prepaid Rent, credit $3,000; Rent Expense, debit $3,000 Prepaid Rent, credit $36,000; Rent Expense debit $36,000 O Prepaid Rent, debit $3,000; Rent Expense, credit $3,000
A company pays $36.000 for 12 months rent on January 1, recording the prepayment as an asset. The adjusting entry on March 31 is a debit to Rent Expense of $9,000, and a credit to Prepaid Rent of $9.000. Select one True False
The balance in the Prepaid Rent account before adjustment at the end of the year is $24900, which represents three months' rent paid on December 1. The adjusting entry required on December 31 is to O debit Prepaid Rent $16600, credit Rent Expense. $16600 debit Prepaid Rent $8300: credit Rent Expense, $8300 debit Rent Expense, $8300, credit Prepaid Rent. $8300 debit Rent Expense, 516600;credit Prepaid Rent $16600 At March 1, 2020, Vaughn Corp. had supplies on hand of $550. During...
c. Prepaid Rent. On September 1 of the current year, the company prepaid $46,800 for two years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $46,800. DR or CR? Prepaid Rent Step 1: Determine what the current account balance equals. 46,800 Debit 46,800 Step 2: Determine what the current account balance should equal. $ 7,800 Debit 7,800 Step 3: Record the December 31, adjusting entry to get from step 1 to...
please help me solve for the correct amount for deferred rent
revenue and rent revenue
The following transactions occurred during December 31, 2021, for the Microchip Company, 1. On October 1, 2021, Microchip lent $83,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $7.200 representing rent for the months of November through January. Prepaid rent was debited. 3. On...
i got the number for deferred rent and rent revenue wrong as
shown in picture. what is the correct answer?
The following transactions occurred during December 31, 2021, for the Microchip Company 1. On October 1, 2021, Microchip lent $83,000 to another company. A note was signed with principal and 8% Interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $7,200 representing rent for the months of November through January Prepaid...
1,280 Prepaid insurance 1,280 c. Prepaid Rent. On September 1 of the current year, the company prepaid $31,200 for two years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $31.200. Prepaid Rent Step 1. Determine what the current account balance equals. Step 2: Determine what the current account balance should equal Step 3: Record the December 31, adjusting entry to get from step 1 to step 2
Garcia Company had the following selected transactions during the year. Jan. 1 The company paid $8,000 cash for 12 months of insurance coverage beginning immediately. Aug 1 The company received $5,400 cash in advance for 6 months of contracted services beginning on August 1 and ending on January 31. Dec. 31 The company prepared any necessary year-end adjusting entries related to insurance coverage and services performed. Dec. 31 The company prepared any necessary year-end adjusting entries related to insurance coverage...
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Happy Valley Catering prepaid rent of $36,000 on January 1, 2019 for the following year. The Journal Entry for rent for each month during 2018 would be: Prepaid Rent, debit $36,000; Rent Expense, credit $36,000 Prepaid Rent, credit $3,000; Rent Expense, debit $3,000 Prepaid Rent, credit $36,000; Rent Expense debit $36,000 O Prepaid Rent, debit $3,000; Rent Expense, credit $3,000
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