how do we get the prepaid rent or rent payable when it not
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Problem 6-10 You started the year with a beginning balance in Rent Payable of $1,000. You...
Problem 6-10 You started the year with a beginning balance in Rent Payable of $1,000. You paid 14 months' rent of $14,000. Record the journal entry. Problem 6-11 You started the year with a beginning balance in Prepaid Rent of $4,000. You paid 9 months of rent of $18,000. Record the journal entry. Problem 6-12 You started the year with $5,000 in Wages Payable. You paid $50,000 to your worker. You owed her $10,000 at the end of the year....
Beginning of vear End of vear 14,000 Accounts receivable Inventories Prepaid insurance Prepaid rent Accounts payable...
Beginning of vear End of vear 14,000 Accounts receivable Inventories Prepaid insurance Prepaid rent Accounts payable Wages payable Unearned rent revenue $10,000 21,000 1,000 2.000 11,000 14,000 9,000 19,000 2,000 1.000 12,000 13,000 7,000 The income statement for the year contains the following: Rent revenue Sales revenue Cost of goods sold Insurance expenSe Rent expense Wages expense 21,000 130.000 80,000 13.000 10,000 35,000 Use the information above to answer the following question. What is the amount of cash paid for...
Prepaid rent has a balance of $6,000 that was paid on July 1st for 6 months...
Prepaid rent has a balance of $6,000 that was paid on July 1st for 6 months of rent. The date is now August 31st. What should the adjusting journal entry be to correct the prepaid rent balance? Debit Rent Expense $1,000 and Credit Prepaid Rent $1,000 Debit Insurance Expense $2,000 and Credit Prepaid Insurance $2,000 O Debit Rent Expense $2,000, Credit Prepaid Rent $2,000 O Debit Prepaid Rent $2,000 and Credit Rent Expense $2,000 Identify the account below that is...
Prepaid rent has a balance of $6,000 that was paid on July 1st for 6 months...
Prepaid rent has a balance of $6,000 that was paid on July 1st for 6 months of rent. The date is now August 31st. What should the adjusting journal entry be to correct the prepaid rent balance? O Debit Rent Expense $1,000 and Credit Prepaid Rent $1,000 Debit Insurance Expense $2,000 and Credit Prepaid Insurance $2,000 Debit Rent Expense $2,000, Credit Prepaid Rent $2,000 O Debit Prepaid Rent $2,000 and Credit Rent Expense $2,000
Due un 1/21 two weeks from Comprehensive Problem Instructions Aerial Architects, Inc. has been designing skyscrapers...
Due un 1/21 two weeks from Comprehensive Problem Instructions Aerial Architects, Inc. has been designing skyscrapers since 2010. The Company's post-closing trial balance as of December 31, 2018 is given below. CR *ending balance of retained farining = $52 500 DR S34.000 48,000 21,000 6,000 4,000 31,000 Account Cash Accounts receivable Drafting supplies Prepaid insurance Prepaid rent Equipment Accumulated depreciation Accounts payable Salaries payable Unearned fees Long-term notes payable Common stock Retained earnings $4,000 7,000 2,000 5,000 0 50,000 76,000...
6,000 2,100 1,000 500 150,000 Cash Accounts Receivable Prepaid Expenses Supplies Equipment Accumulated Depreciation Accounts Payable...
6,000 2,100 1,000 500 150,000 Cash Accounts Receivable Prepaid Expenses Supplies Equipment Accumulated Depreciation Accounts Payable Unearned Fees Notes Payable Bob Steely, Capital Bob Steely. Withdrawals Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense 15,000 6,200 4,000 14,000 19,000 8.000 154,900 25,000 12,000 3,400 5,000 100 Totals 213,100 213,100 In the space below, calculate: a) net income b) total assets c) total liabilities d) total current assets e) beginning balance of Owner's Equity for next year.
SPARKLE CLEANING SERVICE Problem Data For the Month Ended July 31, 2016 Fred Severini opened SPARKLE...
SPARKLE CLEANING SERVICE Problem Data For the Month Ended July 31, 2016 Fred Severini opened SPARKLE Cleaning Service on July 1, 2016. During July, the company completed the following transactions. July 1 Stockholders invested cash in the business in exchange for common stock. $15,000 1 Purchased a used cleaning truck on account. $12,000 3 Purchased cleaning supplies on account. $1,800 5 Paid on a one-year insurance policy, effective July 1. $2,100 12 Billed customers for cleaning services. $4,400 18 Paid...
The following is a list of financial statement items from the records of Marshall Corporation as at 31 December 2008. Prepaid Insurance $ 12,750 Prepaid Rent $ 18,000 Interest Receivable 0 Salaries Payable 0 Unearned fees $ 30,000 Interest Income $ 10,000
The following is a list of financial statement items from the records of Marshall Corporation as at 31 December 2008.Prepaid Insurance$ 12,750Prepaid Rent$ 18,000Interest Receivable0Salaries Payable0Unearned fees$ 30,000Interest Income$ 10,000 Additional information includes the following:(a) The insurance policy indicates that on 31 December 2008, only 5 months remain on the 24 months policy that originally cost $18,000.(b) Marshall has note receivable with $2,500 of interest due from a customer on 1 January 2009.(c) The accounting records show that one-third of the...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
Comprehensive Problem Instructions Aerial Architects, Inc. has been designing skyscrapers since 2010. The Company’s post-closing trial...
Comprehensive Problem Instructions Aerial Architects, Inc. has been designing skyscrapers since 2010. The Company’s post-closing trial balance as of December 31, 2018 is given below. Account DR CR Cash $34,000 Accounts receivable 48,000 Drafting supplies 21,000 Prepaid insurance 6,000 Prepaid rent 4,000 Equipment 31,000 Accumulated depreciation $4,000 Accounts payable 7,000 Salaries payable 2,000 Unearned fees 5,000 Long-term notes payable 0 Common stock 50,000 Retained earnings 76,000 $144,000 $144,000 Aerial had the following transactions during 2019 (not in date order): Aerial...
Problem 6-10 You started the year with a beginning balance in Rent Payable of $1,000. You paid 14 months' rent of $14,000. Record the journal entry. Problem 6-11 You started the year with a beginning balance in Prepaid Rent of $4,000. You paid 9 months of rent of $18,000. Record the journal entry. Problem 6-12 You started the year with $5,000 in Wages Payable. You paid $50,000 to your worker. You owed her $10,000 at the end of the year....
Beginning of vear End of vear 14,000 Accounts receivable Inventories Prepaid insurance Prepaid rent Accounts payable Wages payable Unearned rent revenue $10,000 21,000 1,000 2.000 11,000 14,000 9,000 19,000 2,000 1.000 12,000 13,000 7,000 The income statement for the year contains the following: Rent revenue Sales revenue Cost of goods sold Insurance expenSe Rent expense Wages expense 21,000 130.000 80,000 13.000 10,000 35,000 Use the information above to answer the following question. What is the amount of cash paid for...
Prepaid rent has a balance of $6,000 that was paid on July 1st for 6 months of rent. The date is now August 31st. What should the adjusting journal entry be to correct the prepaid rent balance? Debit Rent Expense $1,000 and Credit Prepaid Rent $1,000 Debit Insurance Expense $2,000 and Credit Prepaid Insurance $2,000 O Debit Rent Expense $2,000, Credit Prepaid Rent $2,000 O Debit Prepaid Rent $2,000 and Credit Rent Expense $2,000 Identify the account below that is...
Prepaid rent has a balance of $6,000 that was paid on July 1st for 6 months of rent. The date is now August 31st. What should the adjusting journal entry be to correct the prepaid rent balance? O Debit Rent Expense $1,000 and Credit Prepaid Rent $1,000 Debit Insurance Expense $2,000 and Credit Prepaid Insurance $2,000 Debit Rent Expense $2,000, Credit Prepaid Rent $2,000 O Debit Prepaid Rent $2,000 and Credit Rent Expense $2,000
Due un 1/21 two weeks from Comprehensive Problem Instructions Aerial Architects, Inc. has been designing skyscrapers since 2010. The Company's post-closing trial balance as of December 31, 2018 is given below. CR *ending balance of retained farining = $52 500 DR S34.000 48,000 21,000 6,000 4,000 31,000 Account Cash Accounts receivable Drafting supplies Prepaid insurance Prepaid rent Equipment Accumulated depreciation Accounts payable Salaries payable Unearned fees Long-term notes payable Common stock Retained earnings $4,000 7,000 2,000 5,000 0 50,000 76,000...
6,000 2,100 1,000 500 150,000 Cash Accounts Receivable Prepaid Expenses Supplies Equipment Accumulated Depreciation Accounts Payable Unearned Fees Notes Payable Bob Steely, Capital Bob Steely. Withdrawals Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense 15,000 6,200 4,000 14,000 19,000 8.000 154,900 25,000 12,000 3,400 5,000 100 Totals 213,100 213,100 In the space below, calculate: a) net income b) total assets c) total liabilities d) total current assets e) beginning balance of Owner's Equity for next year.
SPARKLE CLEANING SERVICE Problem Data For the Month Ended July 31, 2016 Fred Severini opened SPARKLE Cleaning Service on July 1, 2016. During July, the company completed the following transactions. July 1 Stockholders invested cash in the business in exchange for common stock. $15,000 1 Purchased a used cleaning truck on account. $12,000 3 Purchased cleaning supplies on account. $1,800 5 Paid on a one-year insurance policy, effective July 1. $2,100 12 Billed customers for cleaning services. $4,400 18 Paid...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
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