Which of the following adjusting entries will increase rent revenue and decrease rent expense? A. Entry...
Which of the following adjusting entries will increase rent revenue and decrease rent expense?
A. Entry to record accrued revenue
B. Entry to record the earned portion of revenue in advance and credited to rent expense.
C. Entry to record accrued expense
D. None of the entries applies
Homework Answers
Option B is the right answer.
Entry to record earned portion of rent revenue will result in crediting the rent revenue thereby increasing rent revenue. Also crediting rent expense will decrease rent expense.
Add Answer to:
Which of the following adjusting entries will increase rent
revenue and decrease rent expense?
A. Entry...
The Malaise Company is recording adjusting journal entries. Which of the following adjusting entries will result...
The Malaise Company is recording adjusting journal entries. Which of the following adjusting entries will result in a decrease in assets and equity? The entry to record the earned portion of rent received in advance The entry to record accrued wages payable The entry to record a revenue earned but not yet received The entry to record the used portion of prepaid insurance The entry to record the payment of a dividend which was previously declared Lincoln Comnany
The adjusting entry to record an accrued revenue is: A. Increase an expense; increase a liability....
The adjusting entry to record an accrued revenue is: A. Increase an expense; increase a liability. B. Increase an asset; increase revenue. C. Decrease a liability; increase revenue. D. Increase an expense; decrease an asset. E. Increase an expense; decrease a liability.
Which of the following adjusting entries creates a decrease in liabilities? A. Recording depreciation expense B....
Which of the following adjusting entries creates a decrease in liabilities? A. Recording depreciation expense B. Recording the amount of expired prepaid insurance C. accruing unrecorded salaries expense D. Recording the earned portion of revenue previously collected in advance.
Which statement is true for accrued revenue adjusting entries? A : The adjusting entry results in...
Which statement is true for accrued revenue adjusting entries? A : The adjusting entry results in an increase (a debit) to a revenue account and a decrease (a credit) to an asset account. B : Prior to adjustment, assets and revenues are both overstated. C : None of choices is correct. D : The adjusting entry will increase both an asset account and a revenue account.
The adjusting entry to record an accrued expense is: A. Increase an expense; increase a liability....
The adjusting entry to record an accrued expense is: A. Increase an expense; increase a liability. B. Increase an asset; increase revenue. C. Decrease a liability; increase revenue. D. Increase an expense; decrease an asset. E. Increase an expense; decrease a liability.
1. Which of the following would be the adjusting journal entry to recognize earned but unpaid...
1. Which of the following would be the adjusting journal entry to recognize earned but unpaid wages for the period? a Dr. Wages Expense, Cr. Cash b Dr. Wages Payable, Cr. Cash c Dr. Wages Payable, Cr. Wages Expense d Dr. Wages Expense, Cr. Wages Payable 2. Which of the following would be the effect of a transaction to record the portion of prepaid rent that has expired in a period? a. increase Prepaid Rent, decrease Rent Expense b increase...
Which of the following adjusting entries causes a decrease in assets? Recognizing the portion of revenue...
Which of the following adjusting entries causes a decrease in assets? Recognizing the portion of revenue collected in advance. Recording depreciation expense. Accruing unrecorded salaries expense. Accruing unrecorded interest revenue.
$7,200 2,100 7,680 Prepaid insurance Supplies Office equipment Unearned rent revenue Salaries expense Rent revenue 5,400...
$7,200 2,100 7,680 Prepaid insurance Supplies Office equipment Unearned rent revenue Salaries expense Rent revenue 5,400 3,250 16,000 Monthly financial statements are prepared. Using the following information, record in a general journal the adjusting entries necessary on January 31: a. Prepaid Insurance represents a three-year premium paid on January 1. b. Supplies of $975 were on hand January 31. c. Office equipment is expected to last eight years. Depreciation is recorded monthly. d. On January 1, the firm collected six...
best answer explanation 5. Reversing entries are most commonly used in relation to year-end adjusting entries...
best answer explanation
5. Reversing entries are most commonly used in relation to year-end adjusting entries that a. allocate the expired portion of a depreciable asset to expense. b. amortize intangible assets. c. provide for bad debt expense. d. accrue interest revenue on notes receivable 6 Of the following adjusting entries, which one would cause an increase in assets at the end of the period? a. The entry to record the earned portion of rent received in advance b. The...
Adjusting entries affect at least one balance sheet account and at least one income statement account....
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. a. Entry to record revenue earned that was previously received as cash...
The Malaise Company is recording adjusting journal entries. Which of the following adjusting entries will result in a decrease in assets and equity? The entry to record the earned portion of rent received in advance The entry to record accrued wages payable The entry to record a revenue earned but not yet received The entry to record the used portion of prepaid insurance The entry to record the payment of a dividend which was previously declared Lincoln Comnany
$7,200 2,100 7,680 Prepaid insurance Supplies Office equipment Unearned rent revenue Salaries expense Rent revenue 5,400 3,250 16,000 Monthly financial statements are prepared. Using the following information, record in a general journal the adjusting entries necessary on January 31: a. Prepaid Insurance represents a three-year premium paid on January 1. b. Supplies of $975 were on hand January 31. c. Office equipment is expected to last eight years. Depreciation is recorded monthly. d. On January 1, the firm collected six...
best answer explanation
5. Reversing entries are most commonly used in relation to year-end adjusting entries that a. allocate the expired portion of a depreciable asset to expense. b. amortize intangible assets. c. provide for bad debt expense. d. accrue interest revenue on notes receivable 6 Of the following adjusting entries, which one would cause an increase in assets at the end of the period? a. The entry to record the earned portion of rent received in advance b. The...
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. a. Entry to record revenue earned that was previously received as cash...
Most questions answered within 3 hours.
-
Suppose a floor on a hospital has 12 physicians at any given
time. You are brought...
asked 27 seconds ago -
Members of unions had mounted campaigns to persuade customers
not to shop at a company because...
asked 9 minutes ago -
a. Discuss the reciprocal/opposite “hormonal” regulation of the
most highly regulated steps of these two pathways....
asked 8 minutes ago -
Why is the alpha carboxyl group pka value 2 ?
And why is an alpha amino...
asked 17 minutes ago -
Identify and assess an intrapreneurial
opportunities within Bank of America and
intrapreneurial assessment. Assess its impact...
asked 23 minutes ago -
How do I figure out the range of possible numbers that can be
represented by the...
asked 25 minutes ago -
A 0.48-kg metal sphere oscillates at the end of a vertical
spring. As the spring stretches...
asked 28 minutes ago -
If a block of Si is doped with 10^17 Boron atom/cm^3 and 5X10^16
Arsenic atoms/cm^3,
(a)...
asked 55 minutes ago -
Why would natural selection not minimize costs (in the form of
symptoms) of evolved defenses? (choose...
asked 1 hour ago -
What is true about a critical task?
Latest finish time - latest start time = 0...
asked 1 hour ago -
A company uses a
process costing system. Its Assembly Department's beginning
inventory consisted of 56,800 units,...
asked 1 hour ago -
a
sealed glass cylinder contains 325 g of N2 gas at 1.02 atm at 20 c....
asked 1 hour ago