Homework Answers
Adjusting entry
| Date | General Journal | Debit | Credit |
| July 31 | Unearned rent revenue (30000/6*2) | 10000 | |
| Rent revenue | 10000 | ||
So answer is d) Debit unearned rent revenue for $10000 and credit rent revenue for $10000
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A company received a check for $30,000 on June 1. This amount represents a 6-month advance...
Blue Spruce Corp. received a check for $27840 on July 1 which represents a 6 month...
Blue Spruce Corp. received a check for $27840 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $27840. Financial statements will be prepared on July 31. Blue Spruce's should make the following adjusting entry on July 31: O debit Unearned Rent Revenue, $27840; credit Rent Revenue, $27840. debit Rent Revenue, $4640; credit Unearned Rent Revenue, $4640. debit Cash, $27840; credit Rent...
6- SELECT THE BEST ANSWER The policy at Sheffield Corp. is to expense all office supplies...
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Question 22 (2 points) Nash's Trading Post, LLC received a check for $13320 on July 1,...
Question 22 (2 points) Nash's Trading Post, LLC received a check for $13320 on July 1, which represents a 6-month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was increased for the full $13320. Financial statements will be prepared on July 31. Nash's should make the following adjustment on July 31: Cash + $13320; Rent Revenue + $13320 Unearned Rent Revenue ($2220); Rent Revenue + $2220 Rent Revenue ($2220); Unearned Rent Revenue +...
Check Karr Corporation received cash of $7679 on August 1, 20x8 for one year's rent in...
Check Karr Corporation received cash of $7679 on August 1, 20x8 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 20x8 adjusting entry is Select one: • a. Debit Rent Revenue and credit Uneamed Rent, $3200 O b. Debit Unearned Rent and credit Rent Revenue, $3200 O C. Debit Rent Revenue and credit Unearned Rent, $4479 O d. Debit Cash and credit Unearned Rent, S4479 Check Next page
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...
Karr Corporation received cash of $6483 on August 1, 20x8 for one year's rent in advance...
Karr Corporation received cash of $6483 on August 1, 20x8 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 20x8 adjusting entry is: Select one: a. Debit Unearned Rent and credit Rent Revenue, $2701 O b. Debit Rent Revenue and credit Unearned Rent, $2701 O c. Debit Rent Revenue and credit Unearned Rent, $3782 O d. Debit Cash and credit Unearned Rent, $3782
2 Aa Bbcode Aa Bbccede AaBbceDe AalbCode AaBbc ADA harma No Spacing Heading 1 Heading 2...
2 Aa Bbcode Aa Bbccede AaBbceDe AalbCode AaBbc ADA harma No Spacing Heading 1 Heading 2 HIGHLIGHT IN YELLOW THE BEST ANSWER 1 - A law firm received $1560 cash for legal services to be rendered in the future. The full amount was credited to the liability account Unearned Service Revenue. If the legal services have been rendered at the end of the accounting period and no adjusting entry is made, this would cause: revenues to be understated. expenses to...
Vaughn Manufacturing received cash of $63600 on August 1, 2020 for one year's rent in advance...
Vaughn Manufacturing received cash of $63600 on August 1, 2020
for one year's rent in advance and recorded the transaction with a
credit to Rent Revenue. The December 31, 2020 adjusting entry
is
debit Unearned Rent Revenue and credit Rent Revenue,
$26500.
debit Rent Revenue and credit Unearned Rent Revenue,
$37100.
debit Cash and credit Unearned Rent Revenue, $37100.
debit Rent Revenue and credit Unearned Rent Revenue,
$26500.
On June 1, 2019, an advance rent payment of $8,400, representing a four-month prepayment for the...
On June 1, 2019, an advance rent payment of $8,400, representing a four-month prepayment for the months of June, July, August, and September, was received in cash from the company’s tenant. The adjusting entry that will be made at the end of each month to show the amount of rent “earned” during the month is: a. Dr.Unearned Rent Revenue 2,100/ Cr.Rent Revenue 2,100 b. Dr.Cash 2,100 /Cr.Rent Revenue 2,100 c. Dr.Unearned Rent Revenue 6,300/ Cr.Rent Revenue 6,300 d. Dr.Cash 8,400...
SELECT BEST ANSWER 5- The trial balance for Sheridan Company appears as follows: Sheridan Company Trial...
SELECT BEST ANSWER 5- The trial balance for Sheridan Company appears as follows: Sheridan Company Trial Balance December 31, 2022 Cash $310 Accounts Receivable 543 Prepaid Insurance 85 Supplies 187 Equipment 4160 Accumulated Depreciation, Equipment $620 Accounts Payable 399 Common Stock 1250 Retained Earnings 1460 Service Revenue 3116 Salaries and Wages Expense 1040 Rent Expense 520 $6845 $6845 If the estimated depreciation for equipment were $624, the adjusting entry would contain a: credit to Accumulated Depreciation, Equipment for $624. credit...
Blue Spruce Corp. received a check for $27840 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $27840. Financial statements will be prepared on July 31. Blue Spruce's should make the following adjusting entry on July 31: O debit Unearned Rent Revenue, $27840; credit Rent Revenue, $27840. debit Rent Revenue, $4640; credit Unearned Rent Revenue, $4640. debit Cash, $27840; credit Rent...
6- SELECT THE BEST ANSWER The policy at Sheffield Corp. is to expense all office supplies at the time of purchase. On the last day of the accounting period, there are $1170 of unused office supplies on hand and the balance of supplies expense is $3710. What should the accountant do? Nothing, company policy says to expense supplies when purchased. Debit Supplies and credit Supplies Expense for $1170. Convince management to change its policy to avoid problems in the future....
Question 22 (2 points) Nash's Trading Post, LLC received a check for $13320 on July 1, which represents a 6-month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was increased for the full $13320. Financial statements will be prepared on July 31. Nash's should make the following adjustment on July 31: Cash + $13320; Rent Revenue + $13320 Unearned Rent Revenue ($2220); Rent Revenue + $2220 Rent Revenue ($2220); Unearned Rent Revenue +...
Check Karr Corporation received cash of $7679 on August 1, 20x8 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 20x8 adjusting entry is Select one: • a. Debit Rent Revenue and credit Uneamed Rent, $3200 O b. Debit Unearned Rent and credit Rent Revenue, $3200 O C. Debit Rent Revenue and credit Unearned Rent, $4479 O d. Debit Cash and credit Unearned Rent, S4479 Check Next page
Karr Corporation received cash of $6483 on August 1, 20x8 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 20x8 adjusting entry is: Select one: a. Debit Unearned Rent and credit Rent Revenue, $2701 O b. Debit Rent Revenue and credit Unearned Rent, $2701 O c. Debit Rent Revenue and credit Unearned Rent, $3782 O d. Debit Cash and credit Unearned Rent, $3782
2 Aa Bbcode Aa Bbccede AaBbceDe AalbCode AaBbc ADA harma No Spacing Heading 1 Heading 2 HIGHLIGHT IN YELLOW THE BEST ANSWER 1 - A law firm received $1560 cash for legal services to be rendered in the future. The full amount was credited to the liability account Unearned Service Revenue. If the legal services have been rendered at the end of the accounting period and no adjusting entry is made, this would cause: revenues to be understated. expenses to...
Vaughn Manufacturing received cash of $63600 on August 1, 2020
for one year's rent in advance and recorded the transaction with a
credit to Rent Revenue. The December 31, 2020 adjusting entry
is
debit Unearned Rent Revenue and credit Rent Revenue,
$26500.
debit Rent Revenue and credit Unearned Rent Revenue,
$37100.
debit Cash and credit Unearned Rent Revenue, $37100.
debit Rent Revenue and credit Unearned Rent Revenue,
$26500.
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