Homework Answers
b) an un-earned revenue
Money received for a service / product which yet to provided or delivered is referred as Un earned revenue
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Question 16 (2 points) Realistic Rentals collected $10,000 in payment of advance rent for 6 months....
Question 5 An example of an adjusting entry is the payment of rent in advance. the...
Question 5 An example of an adjusting entry is the payment of rent in advance. the return of defective inventory. the payment of wages that have been accrued. the accruing of interest expense. collection of an accounts receivable. 1 points Question 6 Table 4-2 Urban Corporation had the following transactions during April: 1. The company paid $1,800 for 3 months' rent in advance on April 1. 2. The company received $800 in advance on April 1 from Wente Company for...
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. 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...
Recording the collection of three months of advance rent from a client in an unearned account...
Recording the collection of three months of advance rent from a client in an unearned account would be an example of a(n): OA, O B. OC. OD, deferred expense. deferred revenue. accrued expense. accrued revenue. Cash, Common Stock, and Advertising Expense have normal balances of: O A. debit, credit, and debit, respectively. O B. credit, debit, and debit, respectively. C. 0 D. credit, credit, and credit, respectively debit, debit, and credit, respectively Item costs that have been incurred, but not...
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 journal entry to record the effects of the four months of rent collected in advance on June 1, 2019 is: a. Dr.Cash 8,400 /Cr.Rent Revenue 8,400 b. Dr.Cash 8,400/ Cr.Unearned Rent Revenue 8,400 c. Dr.Unearned Rent Revenue 6,300/ Cr.Rent Revenue 6,300 d. Dr.Unearned Rent Revenue 2,100 /Cr.Rent Revenue...
A company receives an advance payment for special-order goods to be manufactured and delivered within 6...
A company receives an advance payment for special-order goods to be manufactured and delivered within 6 months. The advance payment should be reported on the company's balance sheet as a: a. deferred charge. b. contra-asset account. c. current liability. d. noncurrent liability. 1 points QUESTION 2 Current assets include cash and all other assets expected to become cash or be consumed: a. within one year. b. within one operating cycle. c. within one year or one operating cycle, whichever...
A. On May 1st, 2019, Desert paid $180,000 in advance for 18 months rent on its...
A. On May 1st, 2019, Desert paid $180,000 in advance for 18 months rent on its new warehouse. At the time, Desert debited a Nominal Account! B. On August 1st, 2019, Desert received $120,000 cash in advance for services to be provided over the next 6 months. At the time, Desert credited a Real account, For your account titles, choose from: Unearned Une Rent Prepaid Rent Revenue Prepaid Services Revenue Rent Expense Revenue i Service Expense Revenue Unearned Service "Because...
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...
A company collected $10,000 on November 1 for six months of rent. The revenue reported from...
A company collected $10,000 on November 1 for six months of rent. The revenue reported from this transaction during the current calendar year will be... A. $0 B. $6667 C. $10000 D. $5000 E. $3333
Buena Vista Social Club accumulates the following adjustment data at December 31. 1. Revenue of $5,000 collected in adva...
Buena Vista Social Club accumulates the following adjustment data at December 31. 1. Revenue of $5,000 collected in advance has been earned. 2. Salaries of $1,000 are unpaid. 3. Prepaid rent totaling $500 has expired. 4. Supplies of $450 have been used. 5. Revenue earned but unbilled total $1,000. 6. Utility expenses of $600 are unpaid. 7. InterestExpense of $300 has accrued on a note payable. Instructions For each of the above items indicate: The type of adjustment (prepaid...
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...
Recording the collection of three months of advance rent from a client in an unearned account would be an example of a(n): OA, O B. OC. OD, deferred expense. deferred revenue. accrued expense. accrued revenue. Cash, Common Stock, and Advertising Expense have normal balances of: O A. debit, credit, and debit, respectively. O B. credit, debit, and debit, respectively. C. 0 D. credit, credit, and credit, respectively debit, debit, and credit, respectively Item costs that have been incurred, but not...
A. On May 1st, 2019, Desert paid $180,000 in advance for 18 months rent on its new warehouse. At the time, Desert debited a Nominal Account! B. On August 1st, 2019, Desert received $120,000 cash in advance for services to be provided over the next 6 months. At the time, Desert credited a Real account, For your account titles, choose from: Unearned Une Rent Prepaid Rent Revenue Prepaid Services Revenue Rent Expense Revenue i Service Expense Revenue Unearned Service "Because...
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...
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