Homework Answers
Q34 - Credit
Rent period = Mar,Y4 - Mar,Y5
Accounting year end = Dec, Y4
Tota Rent recieved = 700 x 12 = 8,400
Rent for Y4 = 700 x 10 = 7000 ( Mar,Y4 - Dec,Y5) (Rental income)
The balance amount recieved ie, 1400 is unearned revenue
Journal Entry when amt recieved
Cash 8,400
Rent income 8,400
Journal entry at Dec, Y4
Rental income 7,000
Income summary 7,000
Rental Income 1,400
Unearned rental income 1,400
Add Answer to:
34
QUESTION 32 This fact pattern provides information needed for Q#32-Q#34. On Mar. 1, Year 4....
32 QUESTION 32 This fact pattern provides information needed for Q#32-Q#34. On Mar. 1, Year 4....
32
QUESTION 32 This fact pattern provides information needed for Q#32-Q#34. On Mar. 1, Year 4. Wizard rented out some office space to another firm for one year starting on that date. The monthly rent on this space is $700 and the tenant was required to pay Wizard for all 12 months on the move-in date, Mar. 1, Year 4. The Wizard received the correct amount and Wizard's bookkeeping staff treated the entire amount received as Rent Revenue on Mar....
33 QUESTION 32 This fact pattern provides information needed for Q#32-Q#34. On Mar. 1, Year 4....
33
QUESTION 32 This fact pattern provides information needed for Q#32-Q#34. On Mar. 1, Year 4. Wizard rented out some office space to another firm for one year starting on that date. The monthly rent on this space is $700 and the tenant was required to pay Wizard for all 12 months on the move-in date, Mar. 1, Year 4. The Wizard received the correct amount and Wizard's bookkeeping staff treated the entire amount received as Rent Revenue on Mar....
26 This fact pattern provides information for Q#26 and Q#27. Consulting Revenues in Year 2 were...
26
This fact pattern provides information for Q#26 and Q#27. Consulting Revenues in Year 2 were $162. Consulting Accounts Receivable at Dec. 31 in Years 1, 2 and 3, respectively were: $33, $29 and $34, respectively. Cash collected from clients in Year 3 was $142. Enter positive values without signs, without '' signs and without commas. Click Save and Submit to save and submit. Click Save All Answers to save all answers 2 20 Fid # $ 4 % 5...
QUESTION 24 Only Q#24 is based on this fact pattern. •As a landlord owning several properties,...
QUESTION 24 Only Q#24 is based on this fact pattern. •As a landlord owning several properties, Beyonce Company (the firm) received $43 cash from several tenants in Year 4. The firm had these summary account balances on the dates indicated. The firm's accounting year (fiscal year) ends on December 31 Dec 31. Dec 31. Click Save and Submit to save and submit. Click Save All Answers to sew all answers So 888 * 8 $ 4 % 5 & 6...
30 QUESTION 30 This fact pattern provides information for Q#30 and Q#31. Salaries Expense for Year...
30
QUESTION 30 This fact pattern provides information for Q#30 and Q#31. Salaries Expense for Year 2 was $54. Prepaid Salaries at Dec 31, Years 1, 2 and 3, respectively, were $3,$5 and $4. Salaries Payable at Dec 31, Years 1, 2 and 3, respectively, were ?, $11 and $7. Cash paid for salaries in Year 2 was $48. Cash paid for salaries in Year 3 was $59. Enter positive values without '' signs, without 's' signs and without commas....
28 1 QUESTION 28 This fact pattern provides information for Q#28 and Q#29. Rent Revenues in...
28
1 QUESTION 28 This fact pattern provides information for Q#28 and Q#29. Rent Revenues in Year 3 were $57. Rent Receivable at Dec. 31 in Years 1, 2 and 3, respectively were: $8, $3 and ?, respectively. Unearned Rent Revenue in Years 1, 2 and 3, respectively were: $9, $11 and $8. Cash collected from tenants in Year 2 and 3, respectively were $49 and 543. Enter positive values without '+' signs, without 's' signs and without commas. Q#28....
#29 1 QUESTION 28 This fact pattern provides information for Q#28 and Q#29. Rent Revenues in...
#29
1 QUESTION 28 This fact pattern provides information for Q#28 and Q#29. Rent Revenues in Year 3 were $57. Rent Receivable at Dec. 31 in Years 1, 2 and 3, respectively were: $8, $3 and ?, respectively. Unearned Rent Revenue in Years 1, 2 and 3, respectively were: $9, $11 and $8. Cash collected from tenants in Year 2 and 3, respectively were $49 and 543. Enter positive values without '+' signs, without 's' signs and without commas. Q#28....
29 This fact pattern provides information for Q#28 and Q#29. Rent Revenues in Year 3 were...
29
This fact pattern provides information for Q#28 and Q#29. Rent Revenues in Year 3 were $57. Rent Receivable at Dec 31 in Years 1, 2 and 3, respectively were: $8, $3 and ?, respectively. Unearned Rent Revenue in Years 1, 2 and 3, respectively were: $9, $11 and $8. Cash collected from tenants in Year 2 and 3, respectively were $49 and $43. Enter positive values without + signs, without 's' signs and without commas. Click Save and Submit...
13 This fact pattern provides information needed to answer Q#10 through Q#16. On August 1, Year...
13
This fact pattern provides information needed to answer Q#10 through Q#16. On August 1, Year 1, Hoppy Company agreed to provide consulting service to a large client over a 24-month period. It was agreed that these services would be provided in equal monthly amounts starting on August 1, Year 1. These services were provided as agreed. The aggregate value of all services under this contract was $480,000. In Year 1, Hoppy received $110,000 from this large client. Also in...
27 This fact pattern provides information for Q#26 and Q#27. Consulting Revenues in Year 2 were...
27
This fact pattern provides information for Q#26 and Q#27. Consulting Revenues in Year 2 were $162. Consulting Accounts Receivable at Dec. 31 in Years 1, 2 and 3, respectively were: $33, $29 and $34, respectively. Cash collected from clients in Year 3 was $142. Enter positive values without signs, without '' signs and without commas. Click Save and Submit to save and submit. Click Save All Answers to save all answers 2 20 Fid # $ 4 % 5...
32
QUESTION 32 This fact pattern provides information needed for Q#32-Q#34. On Mar. 1, Year 4. Wizard rented out some office space to another firm for one year starting on that date. The monthly rent on this space is $700 and the tenant was required to pay Wizard for all 12 months on the move-in date, Mar. 1, Year 4. The Wizard received the correct amount and Wizard's bookkeeping staff treated the entire amount received as Rent Revenue on Mar....
33
QUESTION 32 This fact pattern provides information needed for Q#32-Q#34. On Mar. 1, Year 4. Wizard rented out some office space to another firm for one year starting on that date. The monthly rent on this space is $700 and the tenant was required to pay Wizard for all 12 months on the move-in date, Mar. 1, Year 4. The Wizard received the correct amount and Wizard's bookkeeping staff treated the entire amount received as Rent Revenue on Mar....
26
This fact pattern provides information for Q#26 and Q#27. Consulting Revenues in Year 2 were $162. Consulting Accounts Receivable at Dec. 31 in Years 1, 2 and 3, respectively were: $33, $29 and $34, respectively. Cash collected from clients in Year 3 was $142. Enter positive values without signs, without '' signs and without commas. Click Save and Submit to save and submit. Click Save All Answers to save all answers 2 20 Fid # $ 4 % 5...
QUESTION 24 Only Q#24 is based on this fact pattern. •As a landlord owning several properties, Beyonce Company (the firm) received $43 cash from several tenants in Year 4. The firm had these summary account balances on the dates indicated. The firm's accounting year (fiscal year) ends on December 31 Dec 31. Dec 31. Click Save and Submit to save and submit. Click Save All Answers to sew all answers So 888 * 8 $ 4 % 5 & 6...
30
QUESTION 30 This fact pattern provides information for Q#30 and Q#31. Salaries Expense for Year 2 was $54. Prepaid Salaries at Dec 31, Years 1, 2 and 3, respectively, were $3,$5 and $4. Salaries Payable at Dec 31, Years 1, 2 and 3, respectively, were ?, $11 and $7. Cash paid for salaries in Year 2 was $48. Cash paid for salaries in Year 3 was $59. Enter positive values without '' signs, without 's' signs and without commas....
28
1 QUESTION 28 This fact pattern provides information for Q#28 and Q#29. Rent Revenues in Year 3 were $57. Rent Receivable at Dec. 31 in Years 1, 2 and 3, respectively were: $8, $3 and ?, respectively. Unearned Rent Revenue in Years 1, 2 and 3, respectively were: $9, $11 and $8. Cash collected from tenants in Year 2 and 3, respectively were $49 and 543. Enter positive values without '+' signs, without 's' signs and without commas. Q#28....
#29
1 QUESTION 28 This fact pattern provides information for Q#28 and Q#29. Rent Revenues in Year 3 were $57. Rent Receivable at Dec. 31 in Years 1, 2 and 3, respectively were: $8, $3 and ?, respectively. Unearned Rent Revenue in Years 1, 2 and 3, respectively were: $9, $11 and $8. Cash collected from tenants in Year 2 and 3, respectively were $49 and 543. Enter positive values without '+' signs, without 's' signs and without commas. Q#28....
29
This fact pattern provides information for Q#28 and Q#29. Rent Revenues in Year 3 were $57. Rent Receivable at Dec 31 in Years 1, 2 and 3, respectively were: $8, $3 and ?, respectively. Unearned Rent Revenue in Years 1, 2 and 3, respectively were: $9, $11 and $8. Cash collected from tenants in Year 2 and 3, respectively were $49 and $43. Enter positive values without + signs, without 's' signs and without commas. Click Save and Submit...
13
This fact pattern provides information needed to answer Q#10 through Q#16. On August 1, Year 1, Hoppy Company agreed to provide consulting service to a large client over a 24-month period. It was agreed that these services would be provided in equal monthly amounts starting on August 1, Year 1. These services were provided as agreed. The aggregate value of all services under this contract was $480,000. In Year 1, Hoppy received $110,000 from this large client. Also in...
27
This fact pattern provides information for Q#26 and Q#27. Consulting Revenues in Year 2 were $162. Consulting Accounts Receivable at Dec. 31 in Years 1, 2 and 3, respectively were: $33, $29 and $34, respectively. Cash collected from clients in Year 3 was $142. Enter positive values without signs, without '' signs and without commas. Click Save and Submit to save and submit. Click Save All Answers to save all answers 2 20 Fid # $ 4 % 5...
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