Homework Answers
The entry would be
| Unearned rental income | 19,132 | |
| Rental income (28698/6)*4 | 19,132 |
Option C is the answer
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On August 31, 20x5, you receive $ 28698 in advance for rental income on a property...
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 May 1, 20x5, you take out a loan in the amount of $ 401925 payable...
On May 1, 20x5, you take out a loan in the amount of $ 401925 payable in two years. The interest rate charged on the loan, payable annually is 6%. The December 31, 20x5 adjusting entry will include a debit to: Select one: e a. Interest payable in the amount of $16077 b. Interest expense in the amount of $48231 c. Interest expense in the amount of $16077 C d. Interest expense in the amount of $24116 Check
cash received bully Chapter 3 10. Early in the accounting period, Sam Smith paid $6,000 for...
cash received bully Chapter 3 10. Early in the accounting period, Sam Smith paid $6,000 for services in advance of receiving them. Cash was debited and Unearned Service Fees was credited for $6.000. At the end of the accounting period, two-thirds of the services paid for had yet to be performed. The proper adjusting entry is: 11. Leona Harper received $10,000 from a tenant on December 1 for five months' rent of an office. This rent was for December, January...
multiple-choice questions Financial Accounting for Business about ( Accrual Accounting) 6)On February 1, 20x1 the Abdoll...
multiple-choice questions Financial Accounting for Business about ( Accrual Accounting) 6)On February 1, 20x1 the Abdoll business paid Fraser $13481 cash to complete a renovation on their property starting in May 20x1 and ending August 31, 20x1. Both parties agreed to the work being completed in equal parts over the summer. Fraser’s year-end is June 30, 20x1. Assuming the initial entry made on February 1, 20x1 by Fraser was a credit of $13481 to revenue, the following adjusting entry is...
Karr Corporation received cash of $6483 on August 1, 20x8 for one year's rent in advance...
Karr Corporation received cash of $6483 on August 1, 20x8 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 20x8 adjusting entry is: Select one: a. Debit Unearned Rent and credit Rent Revenue, $2701 O b. Debit Rent Revenue and credit Unearned Rent, $2701 O c. Debit Rent Revenue and credit Unearned Rent, $3782 O d. Debit Cash and credit Unearned Rent, $3782
Check Karr Corporation received cash of $7679 on August 1, 20x8 for one year's rent in...
Check Karr Corporation received cash of $7679 on August 1, 20x8 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 20x8 adjusting entry is Select one: • a. Debit Rent Revenue and credit Uneamed Rent, $3200 O b. Debit Unearned Rent and credit Rent Revenue, $3200 O C. Debit Rent Revenue and credit Unearned Rent, $4479 O d. Debit Cash and credit Unearned Rent, S4479 Check Next page
TO Karr Corporation received cash of $6421 on August 1, 20x8 for one year's rent in...
TO Karr Corporation received cash of $6421 on August 1, 20x8 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue, The December 31, 20x8 adjusting entry is: Select one: a. Debit Rent Revenue and credit Unearned Rent $2675 b. Debit Rent Revenue and credit Unearned Rent $374 12 c. Debit Unlearned Rent and credit Rent Revenue, $2675 d. Debit Cash and credit Unearned Rent, $3746 Check
On October 31, 20x4, you lend $ 1584804 to another company for one year. At October...
On October 31, 20x4, you lend $ 1584804 to another company for one year. At October 31, 20x5, you will receive the $1584804 plus 4% interest. The December 31, 20x4 adjusting entry will include a credit to Select one: a. Interest receivable in the amount of $10565 b. Interest receivable in the amount of $15848 c. Interest revenue in the amount of $15848 C d. Interest revenue in the amount of $10565 Check
Vaughn Manufacturing received cash of $63600 on August 1, 2020 for one year's rent in advance...
Vaughn Manufacturing received cash of $63600 on August 1, 2020
for one year's rent in advance and recorded the transaction with a
credit to Rent Revenue. The December 31, 2020 adjusting entry
is
debit Unearned Rent Revenue and credit Rent Revenue,
$26500.
debit Rent Revenue and credit Unearned Rent Revenue,
$37100.
debit Cash and credit Unearned Rent Revenue, $37100.
debit Rent Revenue and credit Unearned Rent Revenue,
$26500.
Tride Ltd. purchased 1004 shares of Next Ltd, on July 1, 20x5 at $17.97 per share....
Tride Ltd. purchased 1004 shares of Next Ltd, on July 1, 20x5 at $17.97 per share. On December 31, 20x5, the market value of the Next shares was $10.47 and on December 31, 20x6, the market value had increased to $12.40. On February 28, 20x7, the shares of Next Ltd. were sold for $24.45. What is the balance of the Investment in Next Ltd, account at January 1, 20x7? Select one: a. $10512 b. $24548 O c. $18042 d. $12450...
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 May 1, 20x5, you take out a loan in the amount of $ 401925 payable in two years. The interest rate charged on the loan, payable annually is 6%. The December 31, 20x5 adjusting entry will include a debit to: Select one: e a. Interest payable in the amount of $16077 b. Interest expense in the amount of $48231 c. Interest expense in the amount of $16077 C d. Interest expense in the amount of $24116 Check
cash received bully Chapter 3 10. Early in the accounting period, Sam Smith paid $6,000 for services in advance of receiving them. Cash was debited and Unearned Service Fees was credited for $6.000. At the end of the accounting period, two-thirds of the services paid for had yet to be performed. The proper adjusting entry is: 11. Leona Harper received $10,000 from a tenant on December 1 for five months' rent of an office. This rent was for December, January...
Karr Corporation received cash of $6483 on August 1, 20x8 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 20x8 adjusting entry is: Select one: a. Debit Unearned Rent and credit Rent Revenue, $2701 O b. Debit Rent Revenue and credit Unearned Rent, $2701 O c. Debit Rent Revenue and credit Unearned Rent, $3782 O d. Debit Cash and credit Unearned Rent, $3782
Check Karr Corporation received cash of $7679 on August 1, 20x8 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 20x8 adjusting entry is Select one: • a. Debit Rent Revenue and credit Uneamed Rent, $3200 O b. Debit Unearned Rent and credit Rent Revenue, $3200 O C. Debit Rent Revenue and credit Unearned Rent, $4479 O d. Debit Cash and credit Unearned Rent, S4479 Check Next page
TO Karr Corporation received cash of $6421 on August 1, 20x8 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue, The December 31, 20x8 adjusting entry is: Select one: a. Debit Rent Revenue and credit Unearned Rent $2675 b. Debit Rent Revenue and credit Unearned Rent $374 12 c. Debit Unlearned Rent and credit Rent Revenue, $2675 d. Debit Cash and credit Unearned Rent, $3746 Check
On October 31, 20x4, you lend $ 1584804 to another company for one year. At October 31, 20x5, you will receive the $1584804 plus 4% interest. The December 31, 20x4 adjusting entry will include a credit to Select one: a. Interest receivable in the amount of $10565 b. Interest receivable in the amount of $15848 c. Interest revenue in the amount of $15848 C d. Interest revenue in the amount of $10565 Check
Vaughn Manufacturing received cash of $63600 on August 1, 2020
for one year's rent in advance and recorded the transaction with a
credit to Rent Revenue. The December 31, 2020 adjusting entry
is
debit Unearned Rent Revenue and credit Rent Revenue,
$26500.
debit Rent Revenue and credit Unearned Rent Revenue,
$37100.
debit Cash and credit Unearned Rent Revenue, $37100.
debit Rent Revenue and credit Unearned Rent Revenue,
$26500.
Tride Ltd. purchased 1004 shares of Next Ltd, on July 1, 20x5 at $17.97 per share. On December 31, 20x5, the market value of the Next shares was $10.47 and on December 31, 20x6, the market value had increased to $12.40. On February 28, 20x7, the shares of Next Ltd. were sold for $24.45. What is the balance of the Investment in Next Ltd, account at January 1, 20x7? Select one: a. $10512 b. $24548 O c. $18042 d. $12450...
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