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9. Adjusting Entry, Dec 21:-
B
A
C
10. B)
11. C)
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9. (9 pts) On October 1, 20D, PHD Corporation collected rent of $4,800 for two years...
66. On September 1, 2004, Merit Company paid the landlord $4,800 for one year's rent in...
66. On September 1, 2004, Merit Company paid the landlord $4,800 for one year's rent in advance. A temporary account was debited. The adjusting entry at December 31, 2004 would include a: debit to Prepaid Rent credit to Prepaid Rent debit to Rent Payable debit to Rent Expense none of the above 67. Refer to the above question. The amount of the adjusting journal entry at December 31, 2004 would be: $ 4,800 $ 3,200 $ 400 $ 1,600 none...
On October 1, Goodwell Company rented warehouse space to a tenant for $4,200 per month. The...
On October 1, Goodwell Company rented warehouse space to a tenant for $4,200 per month. The tenant paid five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting period ends on December 31. The adjusting entry needed on December 31 is: Multiple Choice Debit Unearned Rent. $12,600. credit Rent Earned, $12,600 O Debit Unearned Rent, $21,000, credit Rent Earned, $21000, Debit Unearned Rent,...
1. Which of the following are NOT in accordance with generally accepted accounting principles? cash basis...
1. Which of the following are NOT in accordance with generally accepted accounting principles? cash basis accounting accrual basis accounting both cash and accrual basis accounting neither the cash or accrual basis accounting 2. The balance in the office supplies account on June 1 was $2,000, supplies purchased during June were $4,300, and the supplies on hand at June 30 were $1,500. The amount to be used for the appropriate adjusting entry is 800 6300 3500 4800 3. Melman Company...
Week 4 – Assignment Question A: 1] Collected $1,000 rent for the period December 1, 2012,...
Week 4 – Assignment Question A: 1] Collected $1,000 rent for the period December 1, 2012, to April 1, 2013, which was credited to Unearned Rent Revenue on December 1, 2012. 2] Purchased a machine for $32,000 cash on January 1, 2008. The company estimates annual depreciation at $3,000. 3] Paid $4,200 for a two-year insurance premium on July 1, 2012; debited Prepaid Insurance for that amount. Instruction: Please make and adjusted transactions Questions B: Determining Financial Statement Effects of...
accounting help The trial balance for Cheyenne Corp. is shown below. Credit Cheyenne Corp. Trial Balance...
accounting help
The trial balance for Cheyenne Corp. is shown below. Credit Cheyenne Corp. Trial Balance October 31, 2020 Debit Cash $16,000 Supplies 2,800 Prepaid Insurance 800 Equipment 5,600 Notes Payable Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends 700 Service Revenue Salaries and Wages Expense 5,000 Rent Expense 900 $31,800 $4,800 2,400 1,500 11,700 -0- 11,400 $31,800 Assume the following adjustment data. 1. 2. 3. 4. 5. 6. 7. Supplies on hand at October 31 total $700....
16). The employees of Able Com oyees of Able Company have worked the last two weeks...
16). The employees of Able Com oyees of Able Company have worked the last two weeks of Year 1, but the employees salaries have not been paid or recorded as of December 31, Year 1 been paid or recorded as of December 31. Year 1. The adjusting entry that Able should make to accrue these unpaid salaries on December 31, Year 1 is: A) debit to Salaries Expense and credit to Cash. B) debit to Salaries Expense and credit to...
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? a. Debit: Rent expense.…………...5,000 Credit: Cash………………………...5,000 b. Debit: Rent expense.……..…...10,000 Credit: Prepaid rent………………..10,000 c. Debit: Rent expense.…………..60,000 Credit: Prepaid rent………….…….60,000 d. Debit: Rent expense……...….….5,000 Credit: Prepaid...
P4-2 (Algo) Recording Adjusting Entries L04-1 [The following information applies to the questions displayed below. All...
P4-2 (Algo) Recording Adjusting Entries L04-1 [The following information applies to the questions displayed below. All of the current year's entries for Zimmerman Company have been made, except the following adjusting entries. The company's annual accounting year ends on December 31. a. On September 1 of the current year, Zimmerman collected six months' rent of $8,640 on storage space. At that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $8,640. b. On October 1 of the current year,...
The trial balance for Blue Spruce Corp. is shown below. Credit Blue Spruce Corp. Trial Balance...
The trial balance for Blue Spruce Corp. is shown below. Credit Blue Spruce Corp. Trial Balance October 31, 2020 Debit Cash $16,000 Supplies 2.100 Prepaid Insurance 800 Equipment 4,600 Notes Payable Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends 300 $4,900 2,000 1,800 10,100 -0- 10,600 Service Revenue Salaries and Wages Expense Rent Expense 4,800 800 $29,400 $29,400 Assume the following adjustment data. 1. 2. 3. 4. Supplies on hand at October 31 total $600. Expired insurance for...
The unadjusted and adjusted trial balances for Tinker Corporation on December 31, 2015, are shown below:...
The unadjusted and adjusted trial balances for Tinker Corporation on December 31, 2015, are shown below: TINKER CORPORATION TRIAL BALANCES December 31, 2015 Unadjusted Adjusted Debit Credit Debit Credit Cash $ 35,200 $ 35,200 Accounts receivable 29,120 34,120 Unexpired insurance 1,200 600 Prepaid rent 5,400 3,600 Office supplies 680 380 Equipment 60,000 60,000 Accumulated depreciation: equipment $ 49,000 $ 50,000 Accounts payable 900 900 Notes payable 5,000 5,000 Interest payable 200 250 Salaries payable — 2,100 Income taxes payable 1,570...
On October 1, Goodwell Company rented warehouse space to a tenant for $4,200 per month. The tenant paid five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting period ends on December 31. The adjusting entry needed on December 31 is: Multiple Choice Debit Unearned Rent. $12,600. credit Rent Earned, $12,600 O Debit Unearned Rent, $21,000, credit Rent Earned, $21000, Debit Unearned Rent,...
accounting help
The trial balance for Cheyenne Corp. is shown below. Credit Cheyenne Corp. Trial Balance October 31, 2020 Debit Cash $16,000 Supplies 2,800 Prepaid Insurance 800 Equipment 5,600 Notes Payable Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends 700 Service Revenue Salaries and Wages Expense 5,000 Rent Expense 900 $31,800 $4,800 2,400 1,500 11,700 -0- 11,400 $31,800 Assume the following adjustment data. 1. 2. 3. 4. 5. 6. 7. Supplies on hand at October 31 total $700....
16). The employees of Able Com oyees of Able Company have worked the last two weeks of Year 1, but the employees salaries have not been paid or recorded as of December 31, Year 1 been paid or recorded as of December 31. Year 1. The adjusting entry that Able should make to accrue these unpaid salaries on December 31, Year 1 is: A) debit to Salaries Expense and credit to Cash. B) debit to Salaries Expense and credit to...
P4-2 (Algo) Recording Adjusting Entries L04-1 [The following information applies to the questions displayed below. All of the current year's entries for Zimmerman Company have been made, except the following adjusting entries. The company's annual accounting year ends on December 31. a. On September 1 of the current year, Zimmerman collected six months' rent of $8,640 on storage space. At that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $8,640. b. On October 1 of the current year,...
The trial balance for Blue Spruce Corp. is shown below. Credit Blue Spruce Corp. Trial Balance October 31, 2020 Debit Cash $16,000 Supplies 2.100 Prepaid Insurance 800 Equipment 4,600 Notes Payable Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends 300 $4,900 2,000 1,800 10,100 -0- 10,600 Service Revenue Salaries and Wages Expense Rent Expense 4,800 800 $29,400 $29,400 Assume the following adjustment data. 1. 2. 3. 4. Supplies on hand at October 31 total $600. Expired insurance for...
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