Homework Answers
Answer:
| Transaction | General Journal | Debit | Credit |
| 3 | Cash | $ 15,600.00 | |
| Deferred rent revenue | $ 15,600.00 | ||
| (To record deferred rent revenue) |
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On August 1, 2021, collected $15,600 in advance rent for one year. Deferred rent revenue was...
Prepare the necessary adjusting entries for each of the above situations. Assume that n the year...
Prepare the necessary adjusting entries for each of the above situations. Assume that n the year and no adjusting entries were recorded. (If no entry is required for a transactie the first account field.) View transaction list Journal entry worksheet < 2 3 6 On August 1, 2021, collected $12,000 in advance rent for one year. Deferred rent revenue was credited for the entire amount. Note: Enter debits before credits. Transaction General Journal Deferred rent revenue Debit Credit 3 Record...
if you could help me with #3 please. thank you The following transactions occurred during December...
if you could help me with #3 please. thank you
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1, 2021, Microchip lent $87,000 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 $8,400 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2021, collected $14,400...
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...
In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For Income tax reporting,...
In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For Income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected In 2021 amounted to $310,000 at December 31, 2021. DFS had no temporary differences at the beginning of the year. Required: Assuming an Income tax rate of...
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...
Q1 Has 6 distinct subsections based off the information below: On October 1, 2021, Hurricane lends...
Q1 Has 6 distinct subsections based off the information
below:
On October 1, 2021, Hurricane lends $7,100 to another company.
The other company signs a note indicating principal and 12%
interest will be paid to Hurricane on September 30, 2022.
On November 1, 2021, Hurricane pays its landlord $1,650
representing rent for the months of November through January. The
payment is debited to Prepaid Rent for the entire amount.
On August 1, 2021, Hurricane collects $10,920 in advance from
another...
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1,...
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1, 2021, Microchip lent $92,000 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 $9,900 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2021, collected $15,900 in advance rent from another company that is renting a...
Exercise 2-23 Reversing entries (Appendix 2B] Prepare the necessary adjusting entries at December 31, 2018, for...
Exercise 2-23 Reversing entries (Appendix 2B] Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded I. On October 1, 2018. Microchip lent S91.000 to another company A note was signed with principal and 8% interest to be paid on September 30, 2019. 2. On November 1, 2018, the company paid its landlord $9,600 representing...
Exercise 3-12A Record year-end adjusting entries (LO3-3) Below are transactions for Wolverine Company during 2021. 1....
Exercise 3-12A Record year-end adjusting entries (LO3-3) Below are transactions for Wolverine Company during 2021. 1. On December 1, 2021, Wolverine receives $3,600 cash from a company that is renting office space from Wolverine. The payment, representing rent for December and January, is credited to Deferred Revenue. 2. Wolverine purchases a one-year property insurance policy on July 1, 2021, for $12,720. The payment is debited to Prepaid Insurance for the entire amount 3. Employee salaries of $2,600 for the month...
In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent...
In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $106 million. Taxable income is $460 million in 2021. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Prepare...
Prepare the necessary adjusting entries for each of the above situations. Assume that n the year and no adjusting entries were recorded. (If no entry is required for a transactie the first account field.) View transaction list Journal entry worksheet < 2 3 6 On August 1, 2021, collected $12,000 in advance rent for one year. Deferred rent revenue was credited for the entire amount. Note: Enter debits before credits. Transaction General Journal Deferred rent revenue Debit Credit 3 Record...
if you could help me with #3 please. thank you
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1, 2021, Microchip lent $87,000 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 $8,400 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2021, collected $14,400...
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...
In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For Income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected In 2021 amounted to $310,000 at December 31, 2021. DFS had no temporary differences at the beginning of the year. Required: Assuming an Income tax rate of...
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...
Q1 Has 6 distinct subsections based off the information
below:
On October 1, 2021, Hurricane lends $7,100 to another company.
The other company signs a note indicating principal and 12%
interest will be paid to Hurricane on September 30, 2022.
On November 1, 2021, Hurricane pays its landlord $1,650
representing rent for the months of November through January. The
payment is debited to Prepaid Rent for the entire amount.
On August 1, 2021, Hurricane collects $10,920 in advance from
another...
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1, 2021, Microchip lent $92,000 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 $9,900 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2021, collected $15,900 in advance rent from another company that is renting a...
Exercise 2-23 Reversing entries (Appendix 2B] Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded I. On October 1, 2018. Microchip lent S91.000 to another company A note was signed with principal and 8% interest to be paid on September 30, 2019. 2. On November 1, 2018, the company paid its landlord $9,600 representing...
Exercise 3-12A Record year-end adjusting entries (LO3-3) Below are transactions for Wolverine Company during 2021. 1. On December 1, 2021, Wolverine receives $3,600 cash from a company that is renting office space from Wolverine. The payment, representing rent for December and January, is credited to Deferred Revenue. 2. Wolverine purchases a one-year property insurance policy on July 1, 2021, for $12,720. The payment is debited to Prepaid Insurance for the entire amount 3. Employee salaries of $2,600 for the month...
In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $106 million. Taxable income is $460 million in 2021. No temporary differences existed at the beginning of the year, and the tax rate is 25%. Prepare...
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