Homework Answers
Correct answer----------(a) $11,650 debit to rent expense.
.
In the adjusting entry Rent expense will be debited and prepaid rent will be credited for $11650. Rent for 2 months will be recorded that is for November and December. Rent expense to be recorded = 34800/6*2
Add Answer to:
On October 25, 2019, the company paid $34,800 rent in advance for the six-month period (November...
On October 25, 2019, the company paid $27.000 rent in advance for the six-month period (November...
On October 25, 2019, the company paid $27.000 rent in advance for the six-month period (November 2019 through April 2020). On December 31, 2019, the adjustment for expired rent would include Multiple Choice ( a $9.000 debit to Rent Expense ) a $4,500 credit to Cash ) a $27.000 credit to Rent Expense. a $4.500 credit to Prepaid Rent
On October 25, 2019, the company paid $26,400 rent in advance for the six-month period (November...
On October 25, 2019, the company paid $26,400 rent in advance for the six-month period (November 2019 through April 2020). On December 31, 2019, the adjustment for expired rent would include: Multiple Choice a $8,800 debit to Rent Expense. a $4,400 credit to Cash. a $26,400 credit to Rent Expense. a $4,400 credit to Prepaid Rent.
The CHS Company paid $60,000 cash to its landlord on November 1, 2019 for rent covering...
The CHS Company paid $60,000 cash to its landlord on November 1, 2019 for rent covering the six-month period from November 1, 2019 through April 30, 2020. The books are adjusted only at year-end. Which of the following does not correctly describe the effect on CHS Company's financial statements of the December 31, 2019 adjusting entry? Multiple Choice Rent expense increases $20,000. Stockholders' equity increases $20,000. Prepaid rent decreases $20,000.
Happy Company signed a two-year lease on July 1, 2019, and paid the $34,800 total rent...
Happy Company signed a two-year lease on July 1, 2019, and paid the $34,800 total rent in advance. Happy recorded the transaction as a debit to Prepaid Rent and a credit to Cash. What adjusting entry should Happy make on December 31, 2019 (no previous adjustment has been made)? Select one: A. Rent Expense 8,700 Prepaid Rent 8,700 B. Prepaid Rent 26,100 Rent Expense 26,100 C. Rent Expense 17,400 Prepaid Rent 17,400 D. Prepaid Rent 8,700 Rent Expense 8,700
On November 1, 2019, Wenger Co. paid its landlord $31,800 in cash as an advance rent...
On November 1, 2019, Wenger Co. paid its landlord $31,800 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. Required: a-1. Prepare the horizontal model to record the six-month advance rent payment on November 1, 2019. (Use amounts with + for increases and amounts with – for decreases.)
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
Required information [The following information applies to the questions displayed below.) On November 1, 2019, Wenger...
Required information [The following information applies to the questions displayed below.) On November 1, 2019, Wenger Co. paid its landlord $3,600 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. Required: a-1. Prepare the horizontal model to record the six-month advance rent payment on November 1, 2019. (Use amounts with + for increases and amounts with - for decreases.) Assets Balance...
[The following information applies to the questions displayed below.) On November 1, 2019, Wenger Co. paid...
[The following information applies to the questions displayed below.) On November 1, 2019, Wenger Co. paid its landlord $4,080 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. a-2. Prepare the journal entry to record the six-month advance rent payment on November 1, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account...
[The following information applies to the questions displayed below.] On November 1, 2019, Wenger Co. paid...
[The following information applies to the questions displayed below.] On November 1, 2019, Wenger Co. paid its landlord $4,080 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. 6-2. Prepare the adjusting entry that will be made at the end of every month to show the amount of rent "used" during the month. (If no entry is required for a transaction/event,...
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
On October 25, 2019, the company paid $27.000 rent in advance for the six-month period (November 2019 through April 2020). On December 31, 2019, the adjustment for expired rent would include Multiple Choice ( a $9.000 debit to Rent Expense ) a $4,500 credit to Cash ) a $27.000 credit to Rent Expense. a $4.500 credit to Prepaid Rent
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
Required information [The following information applies to the questions displayed below.) On November 1, 2019, Wenger Co. paid its landlord $3,600 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. Required: a-1. Prepare the horizontal model to record the six-month advance rent payment on November 1, 2019. (Use amounts with + for increases and amounts with - for decreases.) Assets Balance...
[The following information applies to the questions displayed below.) On November 1, 2019, Wenger Co. paid its landlord $4,080 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. a-2. Prepare the journal entry to record the six-month advance rent payment on November 1, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account...
[The following information applies to the questions displayed below.] On November 1, 2019, Wenger Co. paid its landlord $4,080 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. 6-2. Prepare the adjusting entry that will be made at the end of every month to show the amount of rent "used" during the month. (If no entry is required for a transaction/event,...
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
Most questions answered within 3 hours.
-
9.) You are buying a car that cost $26,500. You make payments of
$412 each month...
asked 3 minutes ago -
. Suppose a discrete random variable has probability
distribution
P(x) = .2 if x = 0...
asked 1 hour ago -
Problem #1
The area between Z = 0 and Z = 2.50
The area between Z...
asked 19 minutes ago -
Under the influence of its drive force, a snowmobile is moving
at a constant velocity along...
asked 1 hour ago -
Why do organizations decline? What steps can top
management take to halt, decline, and restore organizational...
asked 1 hour ago -
What mechanisms Drive speciation??
(I.e. what was Dawins theory on the orgin of species, and how...
asked 3 hours ago -
The manager at a car assembly plant believes that the mean
assembly time for a car...
asked 4 hours ago -
Which of the following is true of electron capture?
A) It decreases the nuclide's mass number...
asked 5 hours ago -
Assuming an efficiency of 43.10%, calculate the actual yield of
magnesium nitrate formed from 114.9 g...
asked 6 hours ago -
The highly pathogenic bacterium Clostridium
perfringens causes gangrene, a disease that results in the
destruction of...
asked 7 hours ago -
In the context of situation analysis, which of the following is
a category for analysis in...
asked 7 hours ago -
In a study of the gas phase decomposition of sulfuryl chloride
at 600 K SO2Cl2(g)SO2(g) +...
asked 7 hours ago