Patrick Services paid the office rent for the current month. The transaction would involve a Select...
Patrick Services paid the office rent for the current month. The transaction would involve a
Select one:
a. debit to Cash.
b. debit to Rent Expense.
c. credit to Rent Payable.
d. credit to Prepaid Rent.
Homework Answers
Journal:
Rent expense a/c...Dr
To Cash
The expenses would be debited while cash balance would decrease and hence credited.
Hence the correct option is:
b. debit to Rent Expense.
Add Answer to:
Patrick Services paid the office rent for the current month. The
transaction would involve a
Select...
Beach Company receives $25,000 cash revenue for services performed. The transaction would involve a Select one:...
Beach Company receives $25,000 cash revenue for services performed. The transaction would involve a Select one: a. credit to Cash. b. debit to Income from Services. c. debit to Accounts Receivable. d. credit to Income from Services.
please solve all QUESTION 37 many for the transaction On Apr 120X1, Pears Corp paid rent...
please solve all
QUESTION 37 many for the transaction On Apr 120X1, Pears Corp paid rent for a warehouse total 53,000 cash for April May, and June (51.000 per month) What was the Debit Prepaid Rent $3.000, credit Rent Payable $3,000 e Debit Rent Expense $3,000, credit Cash $3,000 Debit Prepaid Rent $3,000 credit Cash 53,000 Debit Cash $3.000, credit Rent Expense $3,000 None of these QUESTION 38 ping of war w h y they On Apr 0,20x1 Pears, having...
Coyote Co. paid $8,000 rent in advance. The journal entry would require: O A. debit to...
Coyote Co. paid $8,000 rent in advance. The journal entry would require: O A. debit to Cash, credit to Rent Expense. B. debit to Cash, credit to Prepaid Rent. ° C. debit to Prepaid Rent, credit to Cash. D. debit to Rent Expense, credit to Cash. The columns on a trial balance represent: OA. subtotals and totals. O B. revenues and expenses. O C. debits and credits O D. common stock and dividends The columns on a trial balance represent:...
On January 1 of the current year, Oliver Company paid $2,100 in rent to cover six months
On January 1 of the current year, Oliver Company paid $2,100 in rent to cover six months (January June). Oliver recorded this transaction as follows: DateAccountsDebitCreditJan 1 Prepaid Rent2,100Cash2,100Oliver adjusts the accounts at the end of each month. Oliver's adjusting entry at the end of February should include a debit to Rent Expense in the amount of A. $700 B. $0 C. $350 D. $1,400
Dungeon Company paid the monthly rent, $6,000. The accountant would record the following journal entry: Select...
Dungeon Company paid the monthly rent, $6,000. The accountant would record the following journal entry: Select one: a. cash 6,000, Rent expense6.000 b. prepaid 6,000, Rent 6.000 c. Rent payable 6,000, Cash 6,000 d. Rent expense 6,000, Cash 6,000
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
If The Gym paid for 8 months of advance rent on 7/1 for $4,800 ($600 per...
If The Gym paid for 8 months of advance rent on 7/1 for $4,800 ($600 per month). What account is debited and what account is credited in the journal entry required on 7/1? (Select ALL that apply) Credit Cash for $4,800 Credit Prepaid Rent for $4,800 Debit Accounts Payable for $600 Debit Rent Expense for $4,800 Credit Accounts Receivable for $4,800 Debit Prepaid Rent for $4,800 Debit Accounts Receivable $4,800 Credit Accounts Payable for $4,800 Credit Rent Expense for $600...
Apr 1 2 5 Paid rent on office for month, 56,000. Purchased office supplies on account,...
Apr 1 2 5 Paid rent on office for month, 56,000. Purchased office supplies on account, $2,400 Paid insurance premiums, $5,000. 10 Received cash from clients on account, $52,700. 15 Purchased land for a future building site for $227,000 paying $27,000 in cash and giving a note payable for the remainder Paid creditors on account, $6,050 20 Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $360 23 Paid advertising expense, S4,150....
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
Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner,...
Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $155,000 cash, office equipment with a value of $5,700, and $74,000 of drafting equipment to launch the company. b. The company purchased land worth $58,000 for an office by paying $7,900 cash and signing a long-term note payable for $50,100. c. The company purchased a portable building with $52,000 cash and moved it onto the land acquired in b. d. The company paid...
please solve all
QUESTION 37 many for the transaction On Apr 120X1, Pears Corp paid rent for a warehouse total 53,000 cash for April May, and June (51.000 per month) What was the Debit Prepaid Rent $3.000, credit Rent Payable $3,000 e Debit Rent Expense $3,000, credit Cash $3,000 Debit Prepaid Rent $3,000 credit Cash 53,000 Debit Cash $3.000, credit Rent Expense $3,000 None of these QUESTION 38 ping of war w h y they On Apr 0,20x1 Pears, having...
Coyote Co. paid $8,000 rent in advance. The journal entry would require: O A. debit to Cash, credit to Rent Expense. B. debit to Cash, credit to Prepaid Rent. ° C. debit to Prepaid Rent, credit to Cash. D. debit to Rent Expense, credit to Cash. The columns on a trial balance represent: OA. subtotals and totals. O B. revenues and expenses. O C. debits and credits O D. common stock and dividends The columns on a trial balance represent:...
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
If The Gym paid for 8 months of advance rent on 7/1 for $4,800 ($600 per month). What account is debited and what account is credited in the journal entry required on 7/1? (Select ALL that apply) Credit Cash for $4,800 Credit Prepaid Rent for $4,800 Debit Accounts Payable for $600 Debit Rent Expense for $4,800 Credit Accounts Receivable for $4,800 Debit Prepaid Rent for $4,800 Debit Accounts Receivable $4,800 Credit Accounts Payable for $4,800 Credit Rent Expense for $600...
Apr 1 2 5 Paid rent on office for month, 56,000. Purchased office supplies on account, $2,400 Paid insurance premiums, $5,000. 10 Received cash from clients on account, $52,700. 15 Purchased land for a future building site for $227,000 paying $27,000 in cash and giving a note payable for the remainder Paid creditors on account, $6,050 20 Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $360 23 Paid advertising expense, S4,150....
Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $155,000 cash, office equipment with a value of $5,700, and $74,000 of drafting equipment to launch the company. b. The company purchased land worth $58,000 for an office by paying $7,900 cash and signing a long-term note payable for $50,100. c. The company purchased a portable building with $52,000 cash and moved it onto the land acquired in b. d. The company paid...
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