On November 1, 20X7, XYZ Co. prepaid rent for $60,000 for the
next 12 months (from...
On November 1, 20X7, XYZ Co. prepaid rent for $60,000 for the
next 12 months (from November 1, 20X7 through October 31, 20X8),
recording the entire rental payment as prepaid rent on the November
1, 20X7 payment date. If adjusting entries are made
monthly, what adjusting journal entry is needed on
December 31, 20X7?
please show work and thank you for help
On December 1, 2009, Fleet company paid $30,000 rent for some
office space which was debited...
On December 1, 2009, Fleet company paid $30,000 rent for some
office space which was debited in full to the prepaid rent expense
account. The rent was for three months. Assuming Fleet's accounting
year ends December 31, give the adjusting entry required on
dece,ber 31, 2009.
On 1 January 2018, an Office had a balance of prepaid rent of
$14,760. On 31...
On 1 January 2018, an Office had a balance of prepaid rent of
$14,760. On 31 March 2018, it paid $68,400 rent for 12 months to 31
March 2019. For the financial statements for the year ended 31
December 2018, please calculate the rent expense for the year of
2018.
TR Corporation prepaid the rent related to their office
building. $36,000 was paid on October 1,...
TR Corporation prepaid the rent related to their office
building. $36,000 was paid on October 1, 2020. None of the
prepayment was for 2020. The prepayment covered the rent for the
year from January 1, 2021 through December 31, 2021. Assume TR
Corporation used the cash method of accounting. You are to indicate
the amount TR Corporation may deduct on its 2020 and 2021 tax
return.
2020 Deduction = ______________________________
2021 Deduction = ______________________________
Assume the same facts...
On October 1, 2009, Nautilus co. received 15, 300 for the rent
of land for 12...
On October 1, 2009, Nautilus co. received 15, 300 for the rent
of land for 12 months. Journalize the adjusting entry required for
unearned rent on December 31, 2009.
QUESTION 18
Use the following information to answer the next Two
questions: (Questions 1 of 2)...
QUESTION 18
Use the following information to answer the next Two
questions: (Questions 1 of 2)
On November 1, 2019, Kathie Company received five months' rent
for office space for November 2019 through March 2010 totaling
$50,000. The payment was originally recorded by a credit to a real
account. Kathie’s required adjusting entry at December 31, 2019
would include:
A.
a debit to Rent Revenue.
B.
a debit to Unearned Rent Revenue.
C.
a credit to Rent Expense.
D.
none...
QUESTION 18
Use the following information to answer the next Two
questions: (Questions 1 of 2)...
QUESTION 18
Use the following information to answer the next Two
questions: (Questions 1 of 2)
On November 1, 2019, Kathie Company received five months' rent
for office space for November 2019 through March 2010 totaling
$50,000. The payment was originally recorded by a credit to a real
account. Kathie’s required adjusting entry at December 31, 2019
would include:
A.
a debit to Unearned Rent Revenue.
B.
a credit to Rent Expense.
C.
a credit to Unearned Rent Revenue.
D....
A two-year damage insurance policy was purchased on October 1,
2019, for €8,000. The firm debited...
A two-year damage insurance policy was purchased on October 1,
2019, for €8,000. The firm debited prepaid insurance for the entire
amount. The necessary adjusting entry at December 31, 2019, should
be:
Select one:
a. Debit: Insurance expenses, €1,000; Credit: Prepaid insurance
expenses, €1,000.
b. Debit: Cash, €1,000; Credit: Prepaid insurance expenses,
€1,000.
c. Debit: Prepaid insurance expenses, €1,000; Credit insurance
expenses, €1,000.
d. Debit: Cash, €8,000; Credit: Ιnsurance expenses, €8,000.
e. Debit: Insurance expenses, €8,000; Credit: Prepaid insurance
expenses,...
Compute the Balance in the Prepaid Rent Account as of December
31, 2019. Given; Our Business...
Compute the Balance in the Prepaid Rent Account as of December
31, 2019. Given; Our Business Paid $12,000 on Sept-1-2019 for the
next 6 months of Rent. Assume the rent is spread evenly over the
months involved. Show your answer as a number only, no commas,
decimals, or dollar signs.