Question

On November 1, 20x4, you rented some office space to another company for $2593 per month....

On November 1, 20x4, you rented some office space to another company for $2593 per month. You received the first 6 months rent in advance. What is the amount of unearned rent on your December 31, 20x4 balance sheet?

Select one:

a. $10372

b. $5186

c. $7779

d. $15558

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Ans. Option   b   $5,186
*In the balance sheet of December 3, the unearned rent would be recorded for
2 months (1 Nov. - 31 Dec).
*Calculations for Unearned rent received:
The amount received is $2,593 per month. So the unearned rent for 2 months will
be calculated by the following way :
Unearned rent received for 2 months =   $2,593 * 2
$5,186
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On November 1, 20X3, your calendar year company receives $40,000 for space it is subletting for...
On November 1, 20X3, your calendar year company receives $40,000 for space it is subletting for 5 months (November 1, 20X3 through March 31, 20X4). The $40,000 was recorded as revenue. On December 31, 20X3, you discover that an adjusting entry was never made. To correct this error you must: debit Unearned Rent for $16,000; credit Rent Revenue for $16,000 wait until the end of the 5-month period debit Rent Revenue for $16,000; credit Unearned Rent for $16,000 debit Unearned...
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.
Policy Date of Purchase Months of Coverage Cost A April 1, 2015 24 $ 11,400 B...
Policy Date of Purchase Months of Coverage Cost A April 1, 2015 24 $ 11,400 B April 1, 2016 36 10,224 C August 1, 2017 12 9,000 The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years.) The company has 15 employees, who earn a total of $2,100 in...
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....
Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated...
Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated depreciation on office equipment for the year, $6,500. b. The Prepaid Insurance account has a $7,650 debit balance before adjustment. An examination of insurance policies shows $3,050 of insurance expired. c. The Prepaid Insurance account has a $2,750 debit balance before adjustment. An examination of insurance policies shows $975 of unexpired insurance. d. The company has three office employees who each earn $200 per...
1. On the “AJE” worksheet, prepare the adjusting journal entries in good form for the following...
1. On the “AJE” worksheet, prepare the adjusting journal entries in good form for the following items. Identify each entry by letter in Column B. Round all answers to the nearest dollar. You may omit explanations. Leave a blank row between each journal entry. All the accounts you need are given on the worksheet. Use only these accounts, written exactly as presented on the worksheet. (Hint: use cell references.) Prepare journal entries and financial statements for the year ended December...
For the first 4 questions, prepare Journal Entries on December 31st to record ADJUSTING ENTRIES based...
For the first 4 questions, prepare Journal Entries on December 31st to record ADJUSTING ENTRIES based on the information given. Estimated Depreciation on the office equipment for the year is $2,000. The prepaid insurance account has a $2400 debit balance before adjustment. An examination of insurance policies shows $600 of unexpired insurance remains. The company has 3 employees who each earn $100/day for a 5-day work week (Monday - Friday). The employees were last paid on Friday, December 26th, and...
For the first 4 questions, prepare Journal Entries on December 31st to record ADJUSTING ENTRIES based...
For the first 4 questions, prepare Journal Entries on December 31st to record ADJUSTING ENTRIES based on the information given. Estimated Depreciation on the office equipment for the year is $2,000. The prepaid insurance account has a $2400 debit balance before adjustment. An examination of insurance policies shows $600 of unexpired insurance remains. The company has 3 employees who each earn $100/day for a 5-day work week (Monday - Friday). The employees were last paid on Friday, December 26th, and...
Operating lease; scheduled rent increases On January 1, 2016, Sweetwater Furniture Company leased office space under...
Operating lease; scheduled rent increases On January 1, 2016, Sweetwater Furniture Company leased office space under a 21-year operating lease agreement. The contract calls for annual rent payments on December 31 of each year. The payments are $10,000 the first year and increase by $500 per year. Benefits expected from using the office space are expected to remain constant over the lease term. Required: Record Sweetwater’s rent payment at December 31, 2020 (the fifth rent payment) and December 31, 2030...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT