Question

Decide with a (Yes) or (No) if the account balance would be reported in the income...

Decide with a (Yes) or (No) if the account balance would be reported in the income statement or balance sheet for each option (1,2,3,4,5,6,7,8)?

1. Rent Receivable= reported in the income statement or balance sheet?

2. Maintenance Supplies= reported in the income statement or balance sheet

3. Unearned Rent Revenue= reported in the income statement or balance sheet

4. Salaries Payable= reported in the income statement or balance sheet

5. Rent Revenue= reported in the income statement or balance sheet

6. Salaries Expense= reported in the income statement or balance sheet

7. Maintenance Supplies Expense= reported in the income statement or balance sheet

Material:

Rent

  1. RAY collected $200,000 rent in cash from tenants during the current year for occupancy during the current year.
  2. $6,000 of tenants’ current-year December rent will be collected in January of next year.
  3. Some tenants prepaid their January rent in December of the current year, in the amount of $4,000.

Salaries

  1. In January of the current year, RAY paid employees $8,000 for work done in the prior year.
  2. During the current year, RAY paid employees $50,000 for work done in the current year.
  3. At the end of the current year, RAY owed employees $2,000 for work performed in December that will be paid in January of next year.

Supplies

  1. RAY keeps certain maintenance supplies on hand. The amount of supplies on hand on January 1 of the current year was $4,000, and an additional $3,000 of supplies were purchased during the current year.
  2. At the end of the current year, $2,000 of supplies remained on hand.
Business   Accounting   
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Homework Answers

Answer #1

Answer.

1. Rent Receivable - Liability, Balance Sheet

2. Maintainence Supplies- Expense, Income Statement.

3. Unearned Rent Revenue- Balance Sheet

4. Salaries Payable- Liability- Balance Sheet

5. Rent Revenue- Income Statement

6. Salaries Expense- Income Statement

7. Maintainence Supply Expense- Income Statement

8.Rent : 2,00,000 of current period shown in Income Statement.

6,000 as Rent Receivable in Balance Sheet

4,000 as Prepaid Rent in Balance Sheet

Salaries- 50,000 in Income Statement

8,000 reduced from Liability in Balance sheet

and 2,000 shown as liability in balance sheet for current year.


Supplies- 3,000 purchased in Income Statement.

2,000 as Closing inventory in Balance Sheet.

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