Homework Help Question & Answers

If The Gym paid for 8 months of advance rent on 7/1 for $4,800 ($600 per...


If The Gym paid for 8 months of advance rent on 7/1 for $4,800 ($600 per month). What account is debited and what account is
If The Gym paid for 8 months of advance rent on 7/1 for $4,800 ($600 per month). What account is debited and what account is credited in the journal entry required on 7/1? (Select ALL that apply) Credit Cash for $4,800 Credit Prepaid Rent for $4,800 Debit Accounts Payable for $600 Debit Rent Expense for $4,800 Credit Accounts Receivable for $4,800 Debit Prepaid Rent for $4,800 Debit Accounts Receivable $4,800 Credit Accounts Payable for $4,800 Credit Rent Expense for $600 Debit Cash for $4,800
0 0
Next > < Previous
Answer

This Homework Help Question: "If The Gym paid for 8 months of advance rent on 7/1 for $4,800 ($600 per..." No answers yet.

Be the First!

Request Answer

Request answer!

We need 10 more requests to produce the answer to this homework help question. Share with your friends to get the answer faster!

0 /10 have requested the answer to this homework help question.

Request! (Login Required) Share with friends


Once 10 people have made a request, the answer to this question will be available in 1-2 days.
All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
If The Gym paid for 8 months of advance rent on 7/1 for $4,800 ($600 per...
Your Answer: Your Name: What's your source?
Similar Homework Help Questions
  • AlfordCo paid $11,800 in advance for six months of rent. What journal entry will AlfordCo prepare...

    AlfordCo paid $11,800 in advance for six months of rent. What journal entry will AlfordCo prepare to record this transaction? Multiple Choice Debit Cash and credit Deferred Rent for $11,800 Debit Rent Expense and credit Cash for $11,800 O O Debit Prepaid Rent and credit Cash for $11,800 Debit Cash and credit Prepaid Rent for $11,800

  • 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...

  • A. On May 1st, 2019, Desert paid $180,000 in advance for 18 months rent on its...

    A. On May 1st, 2019, Desert paid $180,000 in advance for 18 months rent on its new warehouse. At the time, Desert debited a Nominal Account! B. On August 1st, 2019, Desert received $120,000 cash in advance for services to be provided over the next 6 months. At the time, Desert credited a Real account, For your account titles, choose from: Unearned Une Rent Prepaid Rent Revenue Prepaid Services Revenue Rent Expense Revenue i Service Expense Revenue Unearned Service "Because...

  • Assume that on February 1, Brown and Smith paid $723,600 in advance for 2 years' insurance...

    Assume that on February 1, Brown and Smith paid $723,600 in advance for 2 years' insurance coverage. Prepare Brown and Smith February 1 journal entry and theannual adjusting entry on June 30Correct?Debit- Cash 723600Credit- Unearned Rev. 723600Debit- Rent Rev. 150750Credit- Unearned Rev. 150750LaBouche Corporation owns a warehouse. On November 1, it rented storage space to a lessee (tenant) for 3 months for a total cash payment of $2,838 receivedin advance. Prepare LaBouche's November 1 journal entry and the December 31...

  • Problem 4-BA The following accounting items were found in the journal of Wildhorse Company: 1. 2....

    Problem 4-BA The following accounting items were found in the journal of Wildhorse Company: 1. 2. 3. 4. S. 6. 7. 8. The payment of the current month's rent for $590 was recorded as a debit to Interest Payable and a credit to Cash, both for $590. (Note: This had not been previously accrued.) The collection of an account receivable for $480 was debited to Cash and credited to Service Revenue, both for $480. A payment for Utilities Expense of...

  • Question 33 4.75 pts On 7/1, The Lemonade Stand bought $1,500 of lemons on account from...

    Question 33 4.75 pts On 7/1, The Lemonade Stand bought $1,500 of lemons on account from Whole Fruits. What account is debited and what account is credited in the journal entry required on 7/1? (Select ALL that apply) Credit Cash for $1,500 Debit Inventory for $1,500 Credit Accounts Receivable for $1,500 Debit Revenue for $1,500 Debit Accounts Payable for $1,500 Credit Revenue for $1.500 Debit Accounts Receivable for $1,500 Credit Accounts Payable for $1,500 Debit Cash for $1,500 Credit Inventory...

  • Same thing for 1-8 During a maternity leave of the full-time bookkeeper at a privately owned...

    Same thing for 1-8 During a maternity leave of the full-time bookkeeper at a privately owned furniture repair business, a temporary employee was involved in the following transactions. 1. Work was completed on the order for one of the customers who had paid the full price in advance of $550 several months ago. At that time it was recorded as unearned revenue. The journal entry to record completing the work was a debit to Cash and a credit to Service...

  • On September 1. Nick's Sport Shop of Toledo prepaid six months of rent, 55,700. Read the...

    On September 1. Nick's Sport Shop of Toledo prepaid six months of rent, 55,700. Read the requirements ne Way W WW WWW Date Accounts and Explanation Debit Credit Sep 1 Prepaid Rent 200 Cash 5.700 To record rent paid in advance Requirement 2. Record the adjusting entry required at September 30. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Debit Credit Sep 30 Rent Expense Prepaid Rent...

  • please help me solve for the correct amount for deferred rent revenue and rent revenue The...

    please help me solve for the correct amount for deferred rent revenue and rent revenue The following transactions occurred during December 31, 2021, for the Microchip Company, 1. On October 1, 2021, Microchip lent $83,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $7.200 representing rent for the months of November through January. Prepaid rent was debited. 3. On...

  • On November 1, 2021, the company paid its landlord $9,600 representing rent for the months of...

    On November 1, 2021, the company paid its landlord $9,600 representing rent for the months of November through January. Prepaid rent was debited. < 1 2 3 4 5 6 On November 1, 2021, the company paid its landlord $9,600 representing rent for the months of November through January. Prepaid rent was debited. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general jour Journal entry worksheet < 2 3 5 6 >...

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.