just an answer 18 On September 1, 2011, Joy Company paid $4,000 in advance for an 8-month rental space covering the period ofSeptember, 2011 through April, 2012. The business makes adjusting entries once a year at year-end. The adjustingentry at December 31, 2011 would include a:a) O debit of $2,000 to Prepaid rent expense on December 31, 2011.b) O credit of $2,000 to Rent expense on December 31, 2011.c) debit of $2,000 to Rent expense on December 31, 2011.d) O debit of $4,000 to Prepaid rent expense on December 31, 2011.O Boş bırakKOnceki18/20Sonraki>КаpatVSınavı BitirjavascriptP Herhangi bir şey ara五

Journal entry: It is also called as book of original entry. All financial transactions occurred in a…

18- On September 1, 2011, Joy Company paid $4,000 in advance for an 8-month rental space covering the period of September, 2011 through April, 2012. The business makes adjusting entries once a year at year-end. The adjusting entry at December 31, 2011 would include a: debit of $2.000 to Prepaid rent expense on December 31, 2011. b) credit of $2.000 to Rent expense on December 31, 2011. debit of $2,000 to Rent expense on December 31, 2011. d) debit of $4,000 to Prepaid rent expense on December 31, 2011. Boş bırak

18- On September 1, 2011, Joy Company paid $4,000 in advance for an 8-month rental space covering the period of September, 2011 through April, 2012. The business makes adjusting entries once a year at year-end. The adjusting entry at December 31, 2011 would include a: debit of $2.000 to Prepaid rent expense on December 31, 2011. b) credit of $2.000 to Rent expense on December 31, 2011. debit of $2,000 to Rent expense on December 31, 2011. d) debit of $4,000 to Prepaid rent expense on December 31, 2011. Boş bırak

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 6EB: On September 1, a company received an advance rental payment of $12,000, to cover six months rent on...

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On September 1, a company received an advance rental payment of $12,000, to cover six months rent on an office building. There was no beginning balance in the Unearned Rent account for the period. Based on the information provided, A. Make the December 31 adjusting journal entry to bring the balances to correct. B. Show the impact that these transactions had.
Rent Receivable Hudson Corp. has extra space in its warehouse and agrees to rent it out to Stillwater Company at the rate of $2,000 per month. The space was made available to Stillwater beginning on September 1. Under the terms of the agreement, Stillwater pays the months rent on the fifth day after the end of the month. Assume that Hudson prepares adjusting entries at the end of each month. Required How much revenue should Hudson record in September? How much revenue should Hudson record in October? Prepare the necessary entries on Hudsons books during the month of October.
Adjusting Entries Kretz Corporation prepares monthly financial statements and therefore adjusts its accounts at the end of every month. The following information is available for March 2016: Kretz Corporation takes out a 90-day, 8%, $15,000 note on March 1, 2016, with interest and principal to be paid at maturity. The asset account Office Supplies on Hand has a balance of $1,280 on March 1, 2016. During March, Kretz adds $750 to the account for purchases during the period. A count of the supplies on hand at the end of March indicates a balance of $1,370. The company purchased office equipment last year for $62,600. The equipment has an estimated useful life of six years and an estimated salvage value of $5,000. The companys plant operates seven days per week with a daily payroll of $950. Wage earners are paid every Sunday. The last day of the month is Thursday, March 31. The company rented an idle warehouse to a neighboring business on February 1, 2016, at a rate of $2,500 per month. On this date, Kretz Corporation credited Rent Collected in Advance for six months rent received in advance. On March 1, 2016, Kretz Corporation credited a liability account, Customer Deposits, for $4,800. This sum represents an amount that a customer paid in advance and that Kretz will earn evenly over a four-month period. Based on its income for the month, Kretz Corporation estimates that federal income taxes for March amount to $3,900. Required For each of the preceding situations, prepare in general journal form the appropriate adjusting entry to be recorded on March 31, 2016.
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