Homework Answers
| Solution: | ||
| Account title | Debit | Credit |
| Cash | 10200 | |
| deferred revenue | 10200 | |
| Hence 2nd option is correct. |
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Summer Leasing received $10,200 for 24 months rent in advance. How should Summer record this transaction?...
Summer Leasing received $11,600 from a customer to cover 24 months of rent in advance. How...
Summer Leasing received $11,600 from a customer to cover 24 months of rent in advance. How should Summer record this transaction? Multiple Choice Debit Cash; credit Service Revenue Debit Cash; credit Deferred Revenue Debit Rent Expense; credit Cash Debit Prepaid Rent; credit Rent Expense
Offshore International Leasing (OIL) received $43,200 for 12 months' rent in advance. How should oil record...
Offshore International Leasing (OIL) received $43,200 for 12 months' rent in advance. How should oil record this transaction? 6 Multiple Choice 2 points 01:20:37 O Interest expense Interest payable 43,200 43,200 salaries expense Salaries payable 43,200 43,200 Prepaid rent Rent expense 43,200 43,200 Cash Deferred rent revenue 43,200 43,200
AlfordCo paid $11,800 in advance for six months of rent. What journal entry will AlfordCo prepare...
AlfordCo paid $11,800 in advance for six months of rent. What journal entry will AlfordCo prepare to record this transaction? Multiple Choice Debit Cash and credit Deferred Rent for $11,800 Debit Rent Expense and credit Cash for $11,800 O O Debit Prepaid Rent and credit Cash for $11,800 Debit Cash and credit Prepaid Rent for $11,800
On July 7, Saints Inc. received $10,200 in cash from a customer for services to be...
On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Which of the following describes how the transaction should be recorded on July 7? Multiple Choice Debit cash $10,200, credit deferred revenue $10,200 Debit accounts receivable $10,200, credit service revenue $10,200 o Debit cash $10,200, credit service revenue $10,200 o Debit deferred revenue $10,200, credit cash $10,200
Aircraft Plane Builders (APB) sold a small passenger airplane for $980,000, receiving a a 12% note...
Aircraft Plane Builders (APB) sold a small passenger airplane for $980,000, receiving a a 12% note receivable instead of cash. The journal entry to record this sale would include a: Multiple Choice Credit to notes receivable. Credit to interest revenue. Debit to notes receivable. Credit to cash. Offshore International Leasing (OIL) received $55,200 for 12 months' rent in advance. How should OIL record this transaction? Multiple Choice 55,200 Cash Deferred rent revenue 55,200 Interest expense Interest payable 55,200 55,200 O...
A. On May 1st, 2019, Desert paid $180,000 in advance for 18 months rent on its...
A. On May 1st, 2019, Desert paid $180,000 in advance for 18 months rent on its new warehouse. At the time, Desert debited a Nominal Account! B. On August 1st, 2019, Desert received $120,000 cash in advance for services to be provided over the next 6 months. At the time, Desert credited a Real account, For your account titles, choose from: Unearned Une Rent Prepaid Rent Revenue Prepaid Services Revenue Rent Expense Revenue i Service Expense Revenue Unearned Service "Because...
On July 1, 2021, Charlie Co. paid $18,000 to Rent-An-Office for rent covering 18 months from...
On July 1, 2021, Charlie Co. paid $18,000 to Rent-An-Office for rent covering 18 months from July 2021 through December 2022. What adjusting entry should Charlie Co. record on December 31, 20217 Multiple Choice O Debit Rent Expense and credit Cash for $18,000 O Debit Rent Expense and credit Prepaid Rent for $18,000 O Debit Prepaid Rent and credit Rent Expense for $6.000 O Debit Rent Expense and credit Prepaid Rent for $6.000
Recording the collection of three months of advance rent from a client in an unearned account...
Recording the collection of three months of advance rent from a client in an unearned account would be an example of a(n): OA, O B. OC. OD, deferred expense. deferred revenue. accrued expense. accrued revenue. Cash, Common Stock, and Advertising Expense have normal balances of: O A. debit, credit, and debit, respectively. O B. credit, debit, and debit, respectively. C. 0 D. credit, credit, and credit, respectively debit, debit, and credit, respectively Item costs that have been incurred, but not...
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...
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.
Summer Leasing received $11,600 from a customer to cover 24 months of rent in advance. How should Summer record this transaction? Multiple Choice Debit Cash; credit Service Revenue Debit Cash; credit Deferred Revenue Debit Rent Expense; credit Cash Debit Prepaid Rent; credit Rent Expense
Offshore International Leasing (OIL) received $43,200 for 12 months' rent in advance. How should oil record this transaction? 6 Multiple Choice 2 points 01:20:37 O Interest expense Interest payable 43,200 43,200 salaries expense Salaries payable 43,200 43,200 Prepaid rent Rent expense 43,200 43,200 Cash Deferred rent revenue 43,200 43,200
AlfordCo paid $11,800 in advance for six months of rent. What journal entry will AlfordCo prepare to record this transaction? Multiple Choice Debit Cash and credit Deferred Rent for $11,800 Debit Rent Expense and credit Cash for $11,800 O O Debit Prepaid Rent and credit Cash for $11,800 Debit Cash and credit Prepaid Rent for $11,800
On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Which of the following describes how the transaction should be recorded on July 7? Multiple Choice Debit cash $10,200, credit deferred revenue $10,200 Debit accounts receivable $10,200, credit service revenue $10,200 o Debit cash $10,200, credit service revenue $10,200 o Debit deferred revenue $10,200, credit cash $10,200
Aircraft Plane Builders (APB) sold a small passenger airplane for $980,000, receiving a a 12% note receivable instead of cash. The journal entry to record this sale would include a: Multiple Choice Credit to notes receivable. Credit to interest revenue. Debit to notes receivable. Credit to cash. Offshore International Leasing (OIL) received $55,200 for 12 months' rent in advance. How should OIL record this transaction? Multiple Choice 55,200 Cash Deferred rent revenue 55,200 Interest expense Interest payable 55,200 55,200 O...
A. On May 1st, 2019, Desert paid $180,000 in advance for 18 months rent on its new warehouse. At the time, Desert debited a Nominal Account! B. On August 1st, 2019, Desert received $120,000 cash in advance for services to be provided over the next 6 months. At the time, Desert credited a Real account, For your account titles, choose from: Unearned Une Rent Prepaid Rent Revenue Prepaid Services Revenue Rent Expense Revenue i Service Expense Revenue Unearned Service "Because...
On July 1, 2021, Charlie Co. paid $18,000 to Rent-An-Office for rent covering 18 months from July 2021 through December 2022. What adjusting entry should Charlie Co. record on December 31, 20217 Multiple Choice O Debit Rent Expense and credit Cash for $18,000 O Debit Rent Expense and credit Prepaid Rent for $18,000 O Debit Prepaid Rent and credit Rent Expense for $6.000 O Debit Rent Expense and credit Prepaid Rent for $6.000
Recording the collection of three months of advance rent from a client in an unearned account would be an example of a(n): OA, O B. OC. OD, deferred expense. deferred revenue. accrued expense. accrued revenue. Cash, Common Stock, and Advertising Expense have normal balances of: O A. debit, credit, and debit, respectively. O B. credit, debit, and debit, respectively. C. 0 D. credit, credit, and credit, respectively debit, debit, and credit, respectively Item costs that have been incurred, but not...
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...
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.
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