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.
Homework Answers
option A is correct
the adjustment entry for expiry of the period i.e.november and December
Particulars debit credit
Rent expense A/c 8800 ---
To prepaid rent A/c --- 8800
In the above journal entry the prepaid rent which was already paid was reversed to the extent of $8800 =( 26400÷6) ×2
thank you! ?
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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 $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 $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
The CHS Company paid $60,000 cash to its landlord on November 1, 2019 for rent covering...
The CHS Company paid $60,000 cash to its landlord on November 1, 2019 for rent covering the six-month period from November 1, 2019 through April 30, 2020. The books are adjusted only at year-end. Which of the following does not correctly describe the effect on CHS Company's financial statements of the December 31, 2019 adjusting entry? Multiple Choice Rent expense increases $20,000. Stockholders' equity increases $20,000. Prepaid rent decreases $20,000.
On November 1, 2019, Wenger Co. paid its landlord $31,800 in cash as an advance rent...
On November 1, 2019, Wenger Co. paid its landlord $31,800 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. Required: a-1. Prepare the horizontal model to record the six-month advance rent payment on November 1, 2019. (Use amounts with + for increases and amounts with – for decreases.)
Required information [The following information applies to the questions displayed below.) On November 1, 2019, Wenger...
Required information [The following information applies to the questions displayed below.) On November 1, 2019, Wenger Co. paid its landlord $3,600 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. Required: a-1. Prepare the horizontal model to record the six-month advance rent payment on November 1, 2019. (Use amounts with + for increases and amounts with - for decreases.) Assets Balance...
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
[The following information applies to the questions displayed below.) On November 1, 2019, Wenger Co. paid...
[The following information applies to the questions displayed below.) On November 1, 2019, Wenger Co. paid its landlord $4,080 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. a-2. Prepare the journal entry to record the six-month advance rent payment on November 1, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account...
Adjustment data: a. Accrued advertising revenue at October 31, $2,900 b. Prepaid rent expired during the...
Adjustment data:
a. Accrued advertising revenue at October 31, $2,900
b. Prepaid rent expired during the month: The unadjusted prepaid
balance of $4,000 relates to the period October 2017 through
January 2018.
c. Supplies used during October, $200
d. Depreciation on computers for the month: The computers’
expected useful life is three years.
e. Accrued salary expense at October 31 for Monday through
Thursday; the five-day weekly payroll is $2,000.
Required:
Prepare the adjusting journal entries.
On the worksheet (draw...
[The following information applies to the questions displayed below.] On November 1, 2019, Wenger Co. paid...
[The following information applies to the questions displayed below.] On November 1, 2019, Wenger Co. paid its landlord $4,080 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. 6-2. Prepare the adjusting entry that will be made at the end of every month to show the amount of rent "used" during the month. (If no entry is required for a transaction/event,...
! Required information (The following information applies to the questions displayed below.) On November 1, 2019,...
! Required information (The following information applies to the questions displayed below.) On November 1, 2019, Wenger Co. paid its landlord $4,080 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. c. Calculate the amount of prepaid rent that should be reported on the December 31, 2019, balance sheet with respect to this lease. Prepaid rent
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 $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
Required information [The following information applies to the questions displayed below.) On November 1, 2019, Wenger Co. paid its landlord $3,600 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. Required: a-1. Prepare the horizontal model to record the six-month advance rent payment on November 1, 2019. (Use amounts with + for increases and amounts with - for decreases.) Assets Balance...
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
[The following information applies to the questions displayed below.) On November 1, 2019, Wenger Co. paid its landlord $4,080 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. a-2. Prepare the journal entry to record the six-month advance rent payment on November 1, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account...
Adjustment data:
a. Accrued advertising revenue at October 31, $2,900
b. Prepaid rent expired during the month: The unadjusted prepaid
balance of $4,000 relates to the period October 2017 through
January 2018.
c. Supplies used during October, $200
d. Depreciation on computers for the month: The computers’
expected useful life is three years.
e. Accrued salary expense at October 31 for Monday through
Thursday; the five-day weekly payroll is $2,000.
Required:
Prepare the adjusting journal entries.
On the worksheet (draw...
[The following information applies to the questions displayed below.] On November 1, 2019, Wenger Co. paid its landlord $4,080 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. 6-2. Prepare the adjusting entry that will be made at the end of every month to show the amount of rent "used" during the month. (If no entry is required for a transaction/event,...
! Required information (The following information applies to the questions displayed below.) On November 1, 2019, Wenger Co. paid its landlord $4,080 in cash as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed. c. Calculate the amount of prepaid rent that should be reported on the December 31, 2019, balance sheet with respect to this lease. Prepaid rent
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