A company collected $10,000 on November 1 for six months of rent. The revenue reported from...
Homework Answers
| During the current calendar year rent for 2 months will be recorded. | |
| Revenue recorded in the current calendar year = 10000 * 2 / 6 = | 3333 |
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company collected $10,000 on November 1 for six months of rent. The
revenue reported from...
a. Unearned Rent Revenue. The Krug Company collected $17,400 rent in advance on November 1, debiting...
a. Unearned Rent Revenue. The Krug Company collected $17,400 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $170 per insect treatment. A customer paid $680 on October 1 in advanc four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the compa has applied three...
Unearned Rent Revenue. The Krug Company collected $12,000 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue
a. Unearned Rent Revenue. The Krug Company collected $12,000 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $125 per insect treatment. A customer paid $500 on October 1 in advance for four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the company has applied three...
a. The Krug Company collected $8,400 rent in advance on November 1, debiting Cash and crediting...
a. The Krug Company collected $8,400 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. Unearned rent revenue Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 b. The company charges $95 per month to spray...
20. Skypress Company collected S1,200 in May of 2016 for 4 months of servce revenue reported...
20. Skypress Company collected S1,200 in May of 2016 for 4 months of servce revenue reported would take place from October of 2016 through January of 2017. The from this transaction during 2016 would be: A) S0 B) $8,400 C $11,200. ) $2,800
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
On January 1 of the current year, Cruella Company paid $1,500 rent to cover six months...
On January 1 of the current year, Cruella Company paid $1,500 rent to cover six months (January through June). Cruella recorded this transaction as follows: Journal Entry Date Accounts Debit Credit Jan 1 Prepaid Rent 1,500 Cash 1,500 Cruella's adjusting entry at the end of February included a debit to Rent Expense in the amount of $250. What effect does the adjusting entry have on Cruella's net income for February? A. increase by $500 B. decrease by $250 C. increase...
Question 16 (2 points) Realistic Rentals collected $10,000 in payment of advance rent for 6 months....
Question 16 (2 points) Realistic Rentals collected $10,000 in payment of advance rent for 6 months. This an example of a) an accrued liability b) an accrued receivable c) an Unearned Revenue d) a Prepaid Asset
On November 1, 2021, the company paid its landlord $9,600 representing rent for the months of...
On November 1, 2021, the company paid its landlord $9,600 representing rent for the months of November through January. Prepaid rent was debited. < 1 2 3 4 5 6 On November 1, 2021, the company paid its landlord $9,600 representing rent for the months of November through January. Prepaid rent was debited. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general jour Journal entry worksheet < 2 3 5 6 >...
please help me solve for the correct amount for deferred rent revenue and rent revenue The...
please help me solve for the correct amount for deferred rent
revenue and rent revenue
The following transactions occurred during December 31, 2021, for the Microchip Company, 1. On October 1, 2021, Microchip lent $83,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $7.200 representing rent for the months of November through January. Prepaid rent was debited. 3. On...
Fahad Company collected $25,000 in advance on October 1st for 5 months of services which would...
Fahad Company collected $25,000 in advance on October 1st for 5 months of services which would be provided from the start of October of 2016 through end of February of 2017. The revenue reported from this transaction during 2016 would be SO O $10,000 $15.000 525.000
a. Unearned Rent Revenue. The Krug Company collected $17,400 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $170 per insect treatment. A customer paid $680 on October 1 in advanc four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the compa has applied three...
a. The Krug Company collected $8,400 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1. Unearned rent revenue Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 b. The company charges $95 per month to spray...
20. Skypress Company collected S1,200 in May of 2016 for 4 months of servce revenue reported would take place from October of 2016 through January of 2017. The from this transaction during 2016 would be: A) S0 B) $8,400 C $11,200. ) $2,800
On January 1 of the current year, Cruella Company paid $1,500 rent to cover six months (January through June). Cruella recorded this transaction as follows: Journal Entry Date Accounts Debit Credit Jan 1 Prepaid Rent 1,500 Cash 1,500 Cruella's adjusting entry at the end of February included a debit to Rent Expense in the amount of $250. What effect does the adjusting entry have on Cruella's net income for February? A. increase by $500 B. decrease by $250 C. increase...
Question 16 (2 points) Realistic Rentals collected $10,000 in payment of advance rent for 6 months. This an example of a) an accrued liability b) an accrued receivable c) an Unearned Revenue d) a Prepaid Asset
On November 1, 2021, the company paid its landlord $9,600 representing rent for the months of November through January. Prepaid rent was debited. < 1 2 3 4 5 6 On November 1, 2021, the company paid its landlord $9,600 representing rent for the months of November through January. Prepaid rent was debited. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general jour Journal entry worksheet < 2 3 5 6 >...
please help me solve for the correct amount for deferred rent
revenue and rent revenue
The following transactions occurred during December 31, 2021, for the Microchip Company, 1. On October 1, 2021, Microchip lent $83,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $7.200 representing rent for the months of November through January. Prepaid rent was debited. 3. On...
Fahad Company collected $25,000 in advance on October 1st for 5 months of services which would be provided from the start of October of 2016 through end of February of 2017. The revenue reported from this transaction during 2016 would be SO O $10,000 $15.000 525.000
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