Homework Answers
| Correct Option C i.e. Credit to Prepaid rent expense for $75,000 | |||
| Right Entry would be | |||
| DATE | Accounts Name and Explanation | Debit | Credit |
| 31-Dec-20 | Rent Expense | 75,000 | |
| Prepaid Rent | 75,000 | ||
| (To record Rent expense) | |||
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The Marshall Corporation prepays rent on the first of each month in the amount of $75,000...
The balance in the Prepaid Rent account before adjustment at the end of the year is...
The balance in the Prepaid Rent account before adjustment at the end of the year is $24900, which represents three months' rent paid on December 1. The adjusting entry required on December 31 is to O debit Prepaid Rent $16600, credit Rent Expense. $16600 debit Prepaid Rent $8300: credit Rent Expense, $8300 debit Rent Expense, $8300, credit Prepaid Rent. $8300 debit Rent Expense, 516600;credit Prepaid Rent $16600 At March 1, 2020, Vaughn Corp. had supplies on hand of $550. During...
Prepaid rent has a balance of $6,000 that was paid on July 1st for 6 months...
Prepaid rent has a balance of $6,000 that was paid on July 1st for 6 months of rent. The date is now August 31st. What should the adjusting journal entry be to correct the prepaid rent balance? Debit Rent Expense $1,000 and Credit Prepaid Rent $1,000 Debit Insurance Expense $2,000 and Credit Prepaid Insurance $2,000 O Debit Rent Expense $2,000, Credit Prepaid Rent $2,000 O Debit Prepaid Rent $2,000 and Credit Rent Expense $2,000 Identify the account below that is...
38. Odd Corporation received cash of $36,000 on September 1, 2020 for one year's rent in...
38. Odd Corporation received cash of $36,000 on September 1, 2020 for one year's rent in advance and recorded the transaction with a credit to Uneamed Rent Revenue. The December 31, 2020 adjusting entry is a. debit Rent Revenue and credit Unearned Rent Revenue, $12,000. b. debit Rent Revenue and credit Unearned Rent Revenue, $24,000. debit Unearned Rent Revenue and credit Rent Revenue, $12,000. d. debit Cash and credit Unearned Rent Revenue, $24,000. the transaction with
accounting cycle help! MARSHALL COMPANY On April 1, Ralph Marshall opened Marshall Company. The company provides...
accounting cycle help!
MARSHALL COMPANY On April 1, Ralph Marshall opened Marshall Company. The company provides services to a variety of clients. The company was organized as a corporation and has a monthly accounting period. The following transactions occurred during April. Apr. 1 Аpг. 1 Apr. 1 Marshall invested $20,000 cash in the company in exchange for its common stock The company paid $1,000 cash to rent office space for April. The company paid $1,440 cash for the premium on...
accounting cycle MARSHALL COMPANY On April 1, Ralph Marshall opened Marshall Company. The company provides services...
accounting cycle
MARSHALL COMPANY On April 1, Ralph Marshall opened Marshall Company. The company provides services to a variety of clients. The company was organized as a corporation and has a monthly accounting period. The following transactions occurred during April Apr. 1 Apr. 1 Apr. 1 Marshall invested $20,000 cash in the company in exchange for its common stock. The company paid $1,000 cash to rent office space for April The company paid $1,440 cash for the premium on a...
On January 7, a corporation purchased supplies of $1,200. At the end of the month it...
On January 7, a corporation purchased supplies of $1,200. At the end of the month it was determined that the supplies at the end of the period was only $200. What is the ADJUSTING entry that should be recorded as a result of this information? Debit supplies; credit supplies expense Debit supplies expense; credit Supplies Debit accounts receivable; credit Supplies expense Debit supplies ; credit cash Adjusting journal entries are divided into two main categories. What are these called? Depreciation...
1. Which of the following are NOT in accordance with generally accepted accounting principles? cash basis...
1. Which of the following are NOT in accordance with generally accepted accounting principles? cash basis accounting accrual basis accounting both cash and accrual basis accounting neither the cash or accrual basis accounting 2. The balance in the office supplies account on June 1 was $2,000, supplies purchased during June were $4,300, and the supplies on hand at June 30 were $1,500. The amount to be used for the appropriate adjusting entry is 800 6300 3500 4800 3. Melman Company...
:: M Multi-step Income Statements The adjusted trial balance of Marshall Corporation on December 31, 2013...
:: M Multi-step Income Statements The adjusted trial balance of Marshall Corporation on December 31, 2013 is shown below. MARSHALL CORPORATION Adjusted Trial Balance December 31, 2013 Debit Credit Cash $83.520 Accounts Receivable 171,360 Inventory 156,600 Prepaid Insurance 540 Furniture & Fixtures 57,600 Accumulated Depreciation - furniture & fixtures $12,240 Delivery equipment 117,000 Accumulated depreciation - delivery equip. $57,600 Accounts Payable 31,320 Common Stock 360,000 Retained Earnings 107,280 Sales Revenue 657,360 Cost of Goods Sold 386,640 Salaries Expense 165,600 Rent...
Gold's Gym collects monthly gym memberships on the first day of the month from their members....
Gold's Gym collects monthly gym memberships on the first day of the month from their members. Gold's Gym has a December 31 year-end and during December, $14,000 of gym membership fees were collected. The adjusting journal entry at year-end would include: Credit to Cash for $14,000 Credit to Accounts Payable for $14,000 Debit to Accounts Receivable for $14,000 Credit to Gym Membership Revenue for $14,000 None of the above.
The following is a list of financial statement items from the records of Marshall Corporation as at 31 December 2008. Prepaid Insurance $ 12,750 Prepaid Rent $ 18,000 Interest Receivable 0 Salaries Payable 0 Unearned fees $ 30,000 Interest Income $ 10,000
The following is a list of financial statement items from the records of Marshall Corporation as at 31 December 2008.Prepaid Insurance$ 12,750Prepaid Rent$ 18,000Interest Receivable0Salaries Payable0Unearned fees$ 30,000Interest Income$ 10,000 Additional information includes the following:(a) The insurance policy indicates that on 31 December 2008, only 5 months remain on the 24 months policy that originally cost $18,000.(b) Marshall has note receivable with $2,500 of interest due from a customer on 1 January 2009.(c) The accounting records show that one-third of the...
The balance in the Prepaid Rent account before adjustment at the end of the year is $24900, which represents three months' rent paid on December 1. The adjusting entry required on December 31 is to O debit Prepaid Rent $16600, credit Rent Expense. $16600 debit Prepaid Rent $8300: credit Rent Expense, $8300 debit Rent Expense, $8300, credit Prepaid Rent. $8300 debit Rent Expense, 516600;credit Prepaid Rent $16600 At March 1, 2020, Vaughn Corp. had supplies on hand of $550. During...
Prepaid rent has a balance of $6,000 that was paid on July 1st for 6 months of rent. The date is now August 31st. What should the adjusting journal entry be to correct the prepaid rent balance? Debit Rent Expense $1,000 and Credit Prepaid Rent $1,000 Debit Insurance Expense $2,000 and Credit Prepaid Insurance $2,000 O Debit Rent Expense $2,000, Credit Prepaid Rent $2,000 O Debit Prepaid Rent $2,000 and Credit Rent Expense $2,000 Identify the account below that is...
38. Odd Corporation received cash of $36,000 on September 1, 2020 for one year's rent in advance and recorded the transaction with a credit to Uneamed Rent Revenue. The December 31, 2020 adjusting entry is a. debit Rent Revenue and credit Unearned Rent Revenue, $12,000. b. debit Rent Revenue and credit Unearned Rent Revenue, $24,000. debit Unearned Rent Revenue and credit Rent Revenue, $12,000. d. debit Cash and credit Unearned Rent Revenue, $24,000. the transaction with
accounting cycle help!
MARSHALL COMPANY On April 1, Ralph Marshall opened Marshall Company. The company provides services to a variety of clients. The company was organized as a corporation and has a monthly accounting period. The following transactions occurred during April. Apr. 1 Аpг. 1 Apr. 1 Marshall invested $20,000 cash in the company in exchange for its common stock The company paid $1,000 cash to rent office space for April. The company paid $1,440 cash for the premium on...
accounting cycle
MARSHALL COMPANY On April 1, Ralph Marshall opened Marshall Company. The company provides services to a variety of clients. The company was organized as a corporation and has a monthly accounting period. The following transactions occurred during April Apr. 1 Apr. 1 Apr. 1 Marshall invested $20,000 cash in the company in exchange for its common stock. The company paid $1,000 cash to rent office space for April The company paid $1,440 cash for the premium on a...
:: M Multi-step Income Statements The adjusted trial balance of Marshall Corporation on December 31, 2013 is shown below. MARSHALL CORPORATION Adjusted Trial Balance December 31, 2013 Debit Credit Cash $83.520 Accounts Receivable 171,360 Inventory 156,600 Prepaid Insurance 540 Furniture & Fixtures 57,600 Accumulated Depreciation - furniture & fixtures $12,240 Delivery equipment 117,000 Accumulated depreciation - delivery equip. $57,600 Accounts Payable 31,320 Common Stock 360,000 Retained Earnings 107,280 Sales Revenue 657,360 Cost of Goods Sold 386,640 Salaries Expense 165,600 Rent...
Gold's Gym collects monthly gym memberships on the first day of the month from their members. Gold's Gym has a December 31 year-end and during December, $14,000 of gym membership fees were collected. The adjusting journal entry at year-end would include: Credit to Cash for $14,000 Credit to Accounts Payable for $14,000 Debit to Accounts Receivable for $14,000 Credit to Gym Membership Revenue for $14,000 None of the above.
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