Homework Answers
| S.No | Particular | Debit | Credit |
| A. | Prepaid rent.....Dr | $11,800 | |
| To Cash..Cr | $11,800 |
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AlfordCo paid $11,800 in advance for six months of rent. What journal entry will AlfordCo prepare...
Summer Leasing received $10,200 for 24 months rent in advance. How should Summer record this transaction?...
Summer Leasing received $10,200 for 24 months rent in advance. How should Summer record this transaction? Multiple Choice Debit rent expense; credit cash ) Debit cash; credit deferred revenue Debit cash; credit service revenue Debit prepaid rent; credit rent expense
Summer Leasing received $11,600 from a customer to cover 24 months of rent in advance. How...
Summer Leasing received $11,600 from a customer to cover 24 months of rent in advance. How should Summer record this transaction? Multiple Choice Debit Cash; credit Service Revenue Debit Cash; credit Deferred Revenue Debit Rent Expense; credit Cash Debit Prepaid Rent; credit Rent Expense
On July 1, 2021, Charlie Co. paid $18,000 to Rent-An-Office for rent covering 18 months from...
On July 1, 2021, Charlie Co. paid $18,000 to Rent-An-Office for rent covering 18 months from July 2021 through December 2022. What adjusting entry should Charlie Co. record on December 31, 20217 Multiple Choice O Debit Rent Expense and credit Cash for $18,000 O Debit Rent Expense and credit Prepaid Rent for $18,000 O Debit Prepaid Rent and credit Rent Expense for $6.000 O Debit Rent Expense and credit Prepaid Rent for $6.000
On October 25, 2019, the company paid $34,800 rent in advance for the six-month period (November...
On October 25, 2019, the company paid $34,800 rent in advance for the six-month period (November 2019 through April 2020). On December 31, 2019, the adjustment for expired rent would include: Multiple Choice O a $11,600 debit to Rent Expense. 0 a $5.800 credit to Cash O O a $34,800 credit to Rent Expense O 0 a $5.800 credit to Prepaid Rent
If The Gym paid for 8 months of advance rent on 7/1 for $4,800 ($600 per...
If The Gym paid for 8 months of advance rent on 7/1 for $4,800 ($600 per month). What account is debited and what account is credited in the journal entry required on 7/1? (Select ALL that apply) Credit Cash for $4,800 Credit Prepaid Rent for $4,800 Debit Accounts Payable for $600 Debit Rent Expense for $4,800 Credit Accounts Receivable for $4,800 Debit Prepaid Rent for $4,800 Debit Accounts Receivable $4,800 Credit Accounts Payable for $4,800 Credit Rent Expense for $600...
On October 25, 2019, the company paid $27.000 rent in advance for the six-month period (November...
On October 25, 2019, the company paid $27.000 rent in advance for the six-month period (November 2019 through April 2020). On December 31, 2019, the adjustment for expired rent would include Multiple Choice ( a $9.000 debit to Rent Expense ) a $4,500 credit to Cash ) a $27.000 credit to Rent Expense. a $4.500 credit to Prepaid Rent
On October 25, 2019, the company paid $26,400 rent in advance for the six-month period (November...
On October 25, 2019, the company paid $26,400 rent in advance for the six-month period (November 2019 through April 2020). On December 31, 2019, the adjustment for expired rent would include: Multiple Choice a $8,800 debit to Rent Expense. a $4,400 credit to Cash. a $26,400 credit to Rent Expense. a $4,400 credit to Prepaid Rent.
Coyote Co. paid $8,000 rent in advance. The journal entry would require: O A. debit to...
Coyote Co. paid $8,000 rent in advance. The journal entry would require: O A. debit to Cash, credit to Rent Expense. B. debit to Cash, credit to Prepaid Rent. ° C. debit to Prepaid Rent, credit to Cash. D. debit to Rent Expense, credit to Cash. The columns on a trial balance represent: OA. subtotals and totals. O B. revenues and expenses. O C. debits and credits O D. common stock and dividends The columns on a trial balance represent:...
On January 1 of the current year, Aladdin Company paid $900 rent to cover six months...
On January 1 of the current year, Aladdin Company paid $900 rent to cover six months (January through June). Aladdin recorded this transaction as follows: Journal Entry Debit Accounts Credit Date Jan 1 Prepaid Rent 900 Cash 900 Aladdin's adjusting entry at the end of February included a debit to Rent Expense in the amount of $150. What effect does the adjusting entry have on Naddin's net income for February? O A. decrease by $300 OB. decrease by $150 O...
On July 1, Sidney Consulting Services paid $18,000 for 12 months of advance rent on its...
On July 1, Sidney Consulting Services paid $18,000 for 12 months of advance rent on its office building. Select the adjusting entry made on December 31, to record the amount of rent that had expired during the year Multiple Choice Prepaid Rent... Rent Expense.. $ 18,000 $18,000 Prepaid Rent..... Rent Expense. $ 10,500 $18, see $ 10,500 Rent Expense... Prepaid Rent... $19,500 Multiple Choice Prepaid Rent...... Rent Expense.... $ 18, eee $18,000 Prepaid Rent..... Rent Expense.... $ 10,500 $18, see...
Summer Leasing received $10,200 for 24 months rent in advance. How should Summer record this transaction? Multiple Choice Debit rent expense; credit cash ) Debit cash; credit deferred revenue Debit cash; credit service revenue Debit prepaid rent; credit rent expense
Summer Leasing received $11,600 from a customer to cover 24 months of rent in advance. How should Summer record this transaction? Multiple Choice Debit Cash; credit Service Revenue Debit Cash; credit Deferred Revenue Debit Rent Expense; credit Cash Debit Prepaid Rent; credit Rent Expense
On July 1, 2021, Charlie Co. paid $18,000 to Rent-An-Office for rent covering 18 months from July 2021 through December 2022. What adjusting entry should Charlie Co. record on December 31, 20217 Multiple Choice O Debit Rent Expense and credit Cash for $18,000 O Debit Rent Expense and credit Prepaid Rent for $18,000 O Debit Prepaid Rent and credit Rent Expense for $6.000 O Debit Rent Expense and credit Prepaid Rent for $6.000
On October 25, 2019, the company paid $34,800 rent in advance for the six-month period (November 2019 through April 2020). On December 31, 2019, the adjustment for expired rent would include: Multiple Choice O a $11,600 debit to Rent Expense. 0 a $5.800 credit to Cash O O a $34,800 credit to Rent Expense O 0 a $5.800 credit to Prepaid Rent
If The Gym paid for 8 months of advance rent on 7/1 for $4,800 ($600 per month). What account is debited and what account is credited in the journal entry required on 7/1? (Select ALL that apply) Credit Cash for $4,800 Credit Prepaid Rent for $4,800 Debit Accounts Payable for $600 Debit Rent Expense for $4,800 Credit Accounts Receivable for $4,800 Debit Prepaid Rent for $4,800 Debit Accounts Receivable $4,800 Credit Accounts Payable for $4,800 Credit Rent Expense for $600...
On October 25, 2019, the company paid $27.000 rent in advance for the six-month period (November 2019 through April 2020). On December 31, 2019, the adjustment for expired rent would include Multiple Choice ( a $9.000 debit to Rent Expense ) a $4,500 credit to Cash ) a $27.000 credit to Rent Expense. a $4.500 credit to Prepaid Rent
Coyote Co. paid $8,000 rent in advance. The journal entry would require: O A. debit to Cash, credit to Rent Expense. B. debit to Cash, credit to Prepaid Rent. ° C. debit to Prepaid Rent, credit to Cash. D. debit to Rent Expense, credit to Cash. The columns on a trial balance represent: OA. subtotals and totals. O B. revenues and expenses. O C. debits and credits O D. common stock and dividends The columns on a trial balance represent:...
On January 1 of the current year, Aladdin Company paid $900 rent to cover six months (January through June). Aladdin recorded this transaction as follows: Journal Entry Debit Accounts Credit Date Jan 1 Prepaid Rent 900 Cash 900 Aladdin's adjusting entry at the end of February included a debit to Rent Expense in the amount of $150. What effect does the adjusting entry have on Naddin's net income for February? O A. decrease by $300 OB. decrease by $150 O...
On July 1, Sidney Consulting Services paid $18,000 for 12 months of advance rent on its office building. Select the adjusting entry made on December 31, to record the amount of rent that had expired during the year Multiple Choice Prepaid Rent... Rent Expense.. $ 18,000 $18,000 Prepaid Rent..... Rent Expense. $ 10,500 $18, see $ 10,500 Rent Expense... Prepaid Rent... $19,500 Multiple Choice Prepaid Rent...... Rent Expense.... $ 18, eee $18,000 Prepaid Rent..... Rent Expense.... $ 10,500 $18, see...
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