Homework Answers
Solution:
| Cash | 43,200 | |
| Deferred rent revenue | 43,200 |
Explanation:
Here rent is received in advane so it is an liability and cash is received so Cash is debited and Deferred rent revenue which is an liability is credited.
Add Answer to:
Offshore International Leasing (OIL) received $43,200 for 12 months' rent in advance. How should oil record...
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
Aircraft Plane Builders (APB) sold a small passenger airplane for $980,000, receiving a a 12% note...
Aircraft Plane Builders (APB) sold a small passenger airplane for $980,000, receiving a a 12% note receivable instead of cash. The journal entry to record this sale would include a: Multiple Choice Credit to notes receivable. Credit to interest revenue. Debit to notes receivable. Credit to cash. Offshore International Leasing (OIL) received $55,200 for 12 months' rent in advance. How should OIL record this transaction? Multiple Choice 55,200 Cash Deferred rent revenue 55,200 Interest expense Interest payable 55,200 55,200 O...
AlfordCo paid $11,800 in advance for six months of rent. What journal entry will AlfordCo prepare...
AlfordCo paid $11,800 in advance for six months of rent. What journal entry will AlfordCo prepare to record this transaction? Multiple Choice Debit Cash and credit Deferred Rent for $11,800 Debit Rent Expense and credit Cash for $11,800 O O Debit Prepaid Rent and credit Cash for $11,800 Debit Cash and credit Prepaid Rent for $11,800
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...
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...
2015/12/31 2014/12/31 Prepaid Insurance ? 1200 Prepaid Rent 3500 4200 Interest Receivable 420...
2015/12/31 2014/12/31 Prepaid Insurance ? 1200 Prepaid Rent 3500 4200 Interest Receivable 4200 ? Unearned Revenue 6700 8200 Interest Payable 3800 2200 Salaries Payable 11500 15600 Insurance Expense 4800 Rent Expense ? Interest Revenue 22680 Sales revenue earned current period paid in prior periods 15900 Interest Expense ? Salary expense 22290 Insurance Payments 5300 Rent payments 8700 Interest Received 24800 Revenue payments received in advance ? Interest Paid 6530 Salaries Paid ?
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...
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...
i got the number for deferred rent and rent revenue wrong as shown in picture. what...
i got the number for deferred rent and rent revenue wrong as
shown in picture. what is the correct answer?
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...
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
Aircraft Plane Builders (APB) sold a small passenger airplane for $980,000, receiving a a 12% note receivable instead of cash. The journal entry to record this sale would include a: Multiple Choice Credit to notes receivable. Credit to interest revenue. Debit to notes receivable. Credit to cash. Offshore International Leasing (OIL) received $55,200 for 12 months' rent in advance. How should OIL record this transaction? Multiple Choice 55,200 Cash Deferred rent revenue 55,200 Interest expense Interest payable 55,200 55,200 O...
AlfordCo paid $11,800 in advance for six months of rent. What journal entry will AlfordCo prepare to record this transaction? Multiple Choice Debit Cash and credit Deferred Rent for $11,800 Debit Rent Expense and credit Cash for $11,800 O O Debit Prepaid Rent and credit Cash for $11,800 Debit Cash and credit Prepaid Rent for $11,800
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...
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...
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...
i got the number for deferred rent and rent revenue wrong as
shown in picture. what is the correct answer?
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...
Most questions answered within 3 hours.
-
Adria Lopez, owner of Success Systems, decides to prepare a
statement of cash flows for her...
asked 4 seconds from now -
The reach and involvement of the federal government, in terms of
its role in disaster relief,...
asked 2 minutes ago -
Problem: The equilibrium constant, Keq, is 5 x 10^-11 m HCO3
<-----------> H^+ + CO3^-2 Calculate...
asked 9 minutes ago -
Explain how blackbody radiation led to the idea of "quanta."
Will rate answer!
asked 15 minutes ago -
Two noble gases (Ne and He) are injected into the chambers of an
insulated container. Each...
asked 10 minutes ago -
Suppose you purchase a zero coupon bond with a face value of
$1,000, maturing in 18...
asked 15 minutes ago -
Do you believe that the $785,000 amount at the center of the
Overstock-Grant Thornton dispute was...
asked 16 minutes ago -
Find and , the mean and standard deviation of the
sampling distribution of :
μ = 25,...
asked 40 minutes ago -
According to the manufacturer of a certain candy, 9% of the
candy produced are red. If...
asked 58 minutes ago -
A Eucher Deck consists of 24 cards. In a four- player game, each
player is dealt...
asked 1 hour ago -
This is a challenging question.
The titration of an impure sample of KHP found that 36.00...
asked 1 hour ago -
1. Starting from rest, an automatic subway train is controlled
by a computer
that causes it’s...
asked 40 minutes ago