Homework Answers
Answer----- True
.
If prepaid rent has expired then it means rent expense needs to
be recorded in the income statement. If rent expense has not been
recorded expenses will be understated and income would be
overstated.
The amount by which prepaid rent is
Add Answer to:
If prepaid rent has expired during the current period and no adjustment has been made, net...
Adjustment data: a. Accrued advertising revenue at October 31, $2,900 b. Prepaid rent expired during the...
Adjustment data:
a. Accrued advertising revenue at October 31, $2,900
b. Prepaid rent expired during the month: The unadjusted prepaid
balance of $4,000 relates to the period October 2017 through
January 2018.
c. Supplies used during October, $200
d. Depreciation on computers for the month: The computers’
expected useful life is three years.
e. Accrued salary expense at October 31 for Monday through
Thursday; the five-day weekly payroll is $2,000.
Required:
Prepare the adjusting journal entries.
On the worksheet (draw...
Adjustment for Prepaid Rent Jarem Company showed $12,000 in prepaid rent on December 31, 20X1. On...
Adjustment for Prepaid Rent Jarem Company showed $12,000 in prepaid rent on December 31, 20X1. On December 31, 20X2, the balance in the prepaid rent account was $13,400. Rent expense for 20X2 was $30,000 Required: 1. What amount of cash was paid for rent in 20x2? 2. CONCEPTUAL CONNECTION What adjustment in prepaid expenses is needed if the indirect method is used to prepare Jarem's statement of cash flows? In determining operating cash flow under the indirect method, any increase...
1. The Charleston Company pre-pays annual rent. If the adjusting entry to record the current period’s...
1. The Charleston Company pre-pays annual rent. If the adjusting entry to record the current period’s prepaid rent expired is not recorded: Select one: a. Current assets will be understated b. Net income will be overstated c. Current liabilities will be overstated d. Current liabilities will be understated e. Gross Profit will be overstated 2. Which organization is attempting to establish one set of accounting standards to be used in every country in the world? Select one: a. PCAOB b....
64. The charge made to the current operations for the portion of cost of long-lived assets...
64. The charge made to the current operations for the portion of cost of long-lived assets consumed during the current period is called _________________. Answers: a. accumulated depreciation b. rent expense c. indirect labor d. depreciation 65. Stocks and bonds that can be readily converted into cash are called _____________. Answers: a. Current Assets b. Current Liabilities c. Marketable Securities d. Treasury Stock 66. Which of the following is a permanent account? Answers: a. Accumulated Depreciation b. Advances from Customers...
Hi there, can you please answer questions 1-4. they are all very short :) Also, the...
Hi there, can you please answer questions 1-4. they are all very
short :) Also, the circled answer may or may not be correct and
please disregard the blue scribble marks
Enter Shift Part A (20 marks) he balance in the Prepaid Rent account before adjustment at the end of the year is $12,000 and represents three months rent starting on November 1. The adjusting entry required on December 31, assuming adjusting entries have not previously been made, is Debit...
1. Which account is closed at the end of an accounting period? Select one: a. Prepaid...
1. Which account is closed at the end of an accounting period? Select one: a. Prepaid Expense b. Sales Discount c. Unearned Revenue d. Retained Earnings 2. At the end of the current year, the Owners' Equity in LaRose Corporation is $188,000. During the year, the assets of the business had decreased by $90,000, and the liabilities had increased by $36,000. Owners' Equity at the beginning of the year must have been: Select one: a. $242,000 b. $314,000 c. $494,000...
X paid £9559 for rent during the current year. At the beginningof the year £749 was...
X paid £9559 for rent during the current year. At the beginningof the year £749 was brought forward as prepayment for rent and at the end of the year, £1558 had been prepaid. what is the expense of rent in income statement for current period?
Buena Vista Social Club accumulates the following adjustment data at December 31. 1. Revenue of $5,000 collected in adva...
Buena Vista Social Club accumulates the following adjustment data at December 31. 1. Revenue of $5,000 collected in advance has been earned. 2. Salaries of $1,000 are unpaid. 3. Prepaid rent totaling $500 has expired. 4. Supplies of $450 have been used. 5. Revenue earned but unbilled total $1,000. 6. Utility expenses of $600 are unpaid. 7. InterestExpense of $300 has accrued on a note payable. Instructions For each of the above items indicate: The type of adjustment (prepaid...
1. ) The Prepaid Insurance account has a balance of $200 less in the work sheet's...
1. ) The Prepaid Insurance account has a balance of $200 less in the work sheet's Balance Sheet Debit column than in the work sheet's Trial Balance Debit column. This would be the result of a Select one: a. $200 entry to Prepaid Insurance in the work sheet's Adjustments Credit column. b. $200 entry to Prepaid Insurance in the work sheet's Adjustments Debit column. c. $200 entry to Insurance Expense in the work sheet's Adjustments Credit column. d. $400 entry...
financials: question: 2019 2018 Assets Current Assets: Cash Accounts Receivable Inventory Supplies Prepaid Rent Total Current...
financials:
question:
2019 2018 Assets Current Assets: Cash Accounts Receivable Inventory Supplies Prepaid Rent Total Current Assets Property, Plant and Equipment: Equipment Less: Accumulated Depreciation Property, Plant and Equipment, net Total Assets $475,326 28,355 436,200 85,321 20,322 1,045,524 $384,569 72,355 284,513 60,240 15,638 817,315 400,500 45,210 355,290 $1,400,814 332,680 35,291 297,389 $1,114,704 Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable Uneamed Revenue Income Taxes Payable Total Current Liabilities Long-term Debt Total Liabilities Stockholders' Equity Contributed Capital Retained Earings Total Stockholders'...
Adjustment data:
a. Accrued advertising revenue at October 31, $2,900
b. Prepaid rent expired during the month: The unadjusted prepaid
balance of $4,000 relates to the period October 2017 through
January 2018.
c. Supplies used during October, $200
d. Depreciation on computers for the month: The computers’
expected useful life is three years.
e. Accrued salary expense at October 31 for Monday through
Thursday; the five-day weekly payroll is $2,000.
Required:
Prepare the adjusting journal entries.
On the worksheet (draw...
Adjustment for Prepaid Rent Jarem Company showed $12,000 in prepaid rent on December 31, 20X1. On December 31, 20X2, the balance in the prepaid rent account was $13,400. Rent expense for 20X2 was $30,000 Required: 1. What amount of cash was paid for rent in 20x2? 2. CONCEPTUAL CONNECTION What adjustment in prepaid expenses is needed if the indirect method is used to prepare Jarem's statement of cash flows? In determining operating cash flow under the indirect method, any increase...
Hi there, can you please answer questions 1-4. they are all very
short :) Also, the circled answer may or may not be correct and
please disregard the blue scribble marks
Enter Shift Part A (20 marks) he balance in the Prepaid Rent account before adjustment at the end of the year is $12,000 and represents three months rent starting on November 1. The adjusting entry required on December 31, assuming adjusting entries have not previously been made, is Debit...
financials:
question:
2019 2018 Assets Current Assets: Cash Accounts Receivable Inventory Supplies Prepaid Rent Total Current Assets Property, Plant and Equipment: Equipment Less: Accumulated Depreciation Property, Plant and Equipment, net Total Assets $475,326 28,355 436,200 85,321 20,322 1,045,524 $384,569 72,355 284,513 60,240 15,638 817,315 400,500 45,210 355,290 $1,400,814 332,680 35,291 297,389 $1,114,704 Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable Uneamed Revenue Income Taxes Payable Total Current Liabilities Long-term Debt Total Liabilities Stockholders' Equity Contributed Capital Retained Earings Total Stockholders'...
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